Scarcity of Resources and Choice

The two elemental truths of economics: 1) There is a nearly infinite range of human wants. 2) There is a scarcity of resources that can be marshaled to satisfy those wants.
As a result, humans must make choices about which wants are to be met and which are not. Resources must then be allocated to satisfy those wants in the most efficient and least costly manner possible.
Post a comprehensive response to the following,
How do the economic concepts of “scarcity” and “choice” influence real world clinical research decisions? Why? Do you think that the concept of public “equity” should apply to the development of medical products?