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Does Public Scientific Research Complement Private Investment in Research and Development in the Pharmaceutical Industry?

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  • Toole, Andrew A
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    Abstract

    This paper analyzes how pharmaceutical research and development (R&D) investment responds to publicly supported biomedical research performed mainly at universities and nonprofit institutions. New microlevel data on investment, by the U.S. National Institutes of Health, allow measures of public basic and clinical research in seven medical classes to be included in a distributed lag model explaining pharmaceutical R&D investment. Using a panel of medical classes observed over 18 years, the analysis found strong evidence that public basic and clinical research are complementary to pharmaceutical R&D investment and thereby stimulate private-industry investment. However, differences in the relevance and degree of scientific and market uncertainty between basic and clinical research lead to differences in the magnitude and timing of the pharmaceutical investment response.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Law and Economics.

    Volume (Year): 50 (2007)
    Issue (Month): 1 (February)
    Pages: 81-104

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    Handle: RePEc:ucp:jlawec:y:2007:v:50:i:1:p:81-104

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    Web page: http://www.journals.uchicago.edu/JLE/

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    Cited by:
    1. Toole, Andrew A., 2012. "The impact of public basic research on industrial innovation: Evidence from the pharmaceutical industry," Research Policy, Elsevier, vol. 41(1), pages 1-12.
    2. Toole, Andrew A., 2011. "The impact of public basic research on industrial innovation: Evidence from the pharmaceutical industry," ZEW Discussion Papers 11-063, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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