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Pharmaceutical profits and the social value of innovation

Author: David Dranove; Craig L Garthwaite; Manuel Hermosilla; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20212.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Prior research has shown that exogenous shocks to the demand for medical products spur additional product development. These studies do not distinguish between breakthrough products and those that largely duplicate the performance of existing products. In this paper, we use a novel data set to explore the impact of the introduction of Medicare Part D on the development of new biotechnology products. We find that the  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David Dranove; Craig L Garthwaite; Manuel Hermosilla; National Bureau of Economic Research,
OCLC Number: 883841581
Notes: "June 2014"
Description: 1 online resource (46 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20212.
Responsibility: David Dranove, Craig Garthwaite, Manuel Hermosilla.

Abstract:

Prior research has shown that exogenous shocks to the demand for medical products spur additional product development. These studies do not distinguish between breakthrough products and those that largely duplicate the performance of existing products. In this paper, we use a novel data set to explore the impact of the introduction of Medicare Part D on the development of new biotechnology products. We find that the law spurred development of products targeting illnesses that affect the elderly, but most of this effect is concentrated among products aimed at diseases that already have multiple existing treatments. Moreover, we find no increase in products targeting orphan disease or those receiving either fast track or priority review status from the FDA. This suggests that marginal changes in demand may have little effect on the development of products with large welfare benefits.

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