All these nightly news reports of the oversight failures in the pharmaceutical industry that allowed a so-called compounding pharmacy located just 20 miles down the road from where I live in Massachusetts to wreak havoc with tens of thousands of lives (including those who developed fungal meningitis from contaminated injections and those who are just frantically worrying about getting it) got me thinking about government oversight of the aviation industry. Or–in many cases–the lack thereof.
I have always thought that there are lessons to be learned from other industries, especially if we are sometimes too close to have sufficient perspective about the same issues affecting our own industry. You know that old saying about not being able to see the forest for the trees. Sometimes looking at other industries gives us that much-needed perspective. In fact, with the accident rate so low in aviation, it is appropriate to look at whether other regulated industries offer any lessons, so that we can learn those lessons without a painful burning hole in the ground. Certainly, there were lessons for us all in the lax SEC oversight of Wall Street that fueled the economic meltdown. (I’m still having a hard time understanding how no one went to jail for some of the stuff that went on.) Or the BP disaster that ruined so many people’s–not to mention marine–lives in the Gulf Coast region.