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来源类型Working Paper
规范类型报告
DOI10.3386/w22720
来源IDWorking Paper 22720
A Ricardian-Demand Explanation for Changing Pharmaceutical R&D Productivity
Mark Pauly; Kyle Myers
发表日期2016-10-10
出版年2016
语种英语
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
URLhttps://www.nber.org/papers/w22720
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/580393
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Mark Pauly,Kyle Myers. A Ricardian-Demand Explanation for Changing Pharmaceutical R&D Productivity. 2016.
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