Cowen on U.S. Health Spending

In today's NY Times, Tyler Cowen says:

The American health care system, high expenditures and all, is driving innovation for the entire world.

One timely piece of evidence:

In the last 10 years, for instance, 12 Nobel Prizes in medicine have gone to American-born scientists working in the United States, 3 have gone to foreign-born scientists working in the United States, and just 7 have gone to researchers outside the country.