| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w22720
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| 来源ID | Working Paper 22720
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| A Ricardian-Demand Explanation for Changing Pharmaceutical R&D Productivity |
| Mark Pauly; Kyle Myers
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| 发表日期 | 2016-10-10
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| 出版年 | 2016
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| 语种 | 英语
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| 摘要 | This paper examines trends in the aggregate productivity of the pharmaceutical sector over the past three decades. We incorporate Ricardo’s insight about demand-driven productivity in settings of variable scarce resources, and estimate the industry’s responsiveness to changes in demand over this timeframe using therapeutic class-specific data. In contrast to many analyses, our empirical estimates indicate that the industry has “met demand” with remarkable consistency since the late-1980s. The growth in total R&D spending, and therefore R&D costs per new drug, appear to have been profitable and productive investments. While we identify a significant increase in the industry’s fixed costs - the intercept of the production function - we find no decline in the marginal productivity of industry investments that might suggest significant supply-side frictions. While we cannot diagnose in detail why average, but not marginal, productivity declined, the data suggests that firms have finally begun to compete down returns from the supranormal levels of decades past. |
| 主题 | Microeconomics
; Households and Firms
; Health, Education, and Welfare
; Health
; Industrial Organization
; Market Structure and Firm Performance
; Industry Studies
; Development and Growth
; Innovation and R&
; D
|
| URL | https://www.nber.org/papers/w22720
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580393
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推荐引用方式
GB/T 7714 |
Mark Pauly,Kyle Myers. A Ricardian-Demand Explanation for Changing Pharmaceutical R&D Productivity. 2016.
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文件名：
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w22720.pdf
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格式：
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Adobe PDF
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