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The Alignment of Innovation Policy and Social Welfare: Evidence from Pharmaceuticals

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  • Margaret K. Kyle

Abstract

This chapter provides an overview of different innovation policies and their performance in the pharmaceutical sector. I emphasize three points. First, both push and pull policies have generally promoted pharmaceutical research for diseases with large burdens. Second, imperfections in product and capital markets undermine the efficiency of pull policies. Similarly, the allocation of public funds is not always optimal, which limits the efficacy of push policies. Finally, interactions with other domestic policies and with policies in other countries are often overlooked in both economic studies of pharmaceutical research and development as well as policy choices.

Suggested Citation

  • Margaret K. Kyle, 2020. "The Alignment of Innovation Policy and Social Welfare: Evidence from Pharmaceuticals," Innovation Policy and the Economy, University of Chicago Press, vol. 20(1), pages 95-123.
    • Handle: RePEc:ucp:ipolec:doi:10.1086/705640
    DOI: 10.1086/705640
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    Cited by:

    1. Massimo Florio & Chiara Pancotti, 2022. "European pharmaceutical research and development. Could a public infrastructure overcome market failures?," Working Papers 202202, CSIL Centre for Industrial Studies.
    2. Dominique Foray, 2022. "The Economics of Incomplete Plan -on Conditions, Procedures and Design of Future Mission- Oriented Innovation Policies," Hacienda Pública Española / Review of Public Economics, IEF, vol. 243(4), pages 123-146, December.

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