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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w12676 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w12676 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570338 |
推荐引用方式 GB/T 7714 | Joseph H. Golec,John A. Vernon. European Pharmaceutical Price Regulation, Firm Profitability, and R&D Spending. 2006. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w12676.pdf(228KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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