Aging Today’s end-of-year 2018 In Focus section, “Global Aging and the Future of the World Community,” is prescient as it is the perfect set-up to 2019, which heralds the tipping point for the mega-trend of population aging.

As the global population ages, new consumer opportunities and markets will emerge. Every company should have a strategy for tapping into the needs, wants, and buying power of older customers.

You can see the graying of your workforce as a crisis - or an opportunity.

While Glenn Kramon’s sentiments are exactly right — policies and institutions created in another era are not fit for 21st-century demographics — I’d like to make two essential points.

Mr. Henderson notes Paul M. Romer’s ideas relating the structure of incentives to innovation using the profoundly crucial role patent policy has played in pharmaceutical innovation. But in the 21st century governments have countered the otherwise positive impact of patents with all manner of pharmaceutical price controls.