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来源类型Working Paper
规范类型报告
DOI10.3386/w12676
来源IDWorking Paper 12676
European Pharmaceutical Price Regulation, Firm Profitability, and R&D Spending
Joseph H. Golec; John A. Vernon
发表日期2006-11-09
出版年2006
语种英语
摘要EU countries closely regulate pharmaceutical prices whereas the U.S. does not. This paper shows how price constraints affect the profitability, stock returns, and R&D spending of EU and U.S. firms. Compared to EU firms, U.S. firms are more profitable, earn higher stock returns, and spend more on research and development (R&D). Some differences have increased over time. In 1986, EU pharmaceutical R&D exceeded U.S. R&D by about 24 percent, but by 2004, EU R&D trailed U.S. R&D by about 15 percent. During these 19 years, U.S. R&D spending grew at a real annual compound rate of 8.8 percent, while EU R&D spending grew at a real 5.4 percent rate. Results show that EU consumers enjoyed much lower pharmaceutical price inflation, however, at a cost of 46 fewer new medicines introduced by EU firms and 1680 fewer EU research jobs.
主题Health, Education, and Welfare ; Health ; Other ; Law and Economics ; Development and Growth ; Innovation and R& ; D
URLhttps://www.nber.org/papers/w12676
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570338
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GB/T 7714
Joseph H. Golec,John A. Vernon. European Pharmaceutical Price Regulation, Firm Profitability, and R&D Spending. 2006.
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