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Patents and New Product Development in the Pharmaceutical and Biotechnology Industries

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  • Grabowski, Henry
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    Abstract

    This paper examines the rationale for intellectual property protection in the development of new pharmaceutical products. Prior survey studies of R&D executives have found that patents play a more critical role in appropriating the benefits of innovation in pharmaceuticals compared to other high tech industries. This paper considers why this is so based on an analysis of the economic characteristics of R&D costs and returns in the pharmaceutical and biotechnology industries. The final section examines recent policy developments and issues surrounding patent lifetime and generic competition in this industry.

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    File URL: http://www.econ.duke.edu/Papers/Abstracts02/abstract.02.25.html
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    Bibliographic Info

    Paper provided by Duke University, Department of Economics in its series Working Papers with number 02-25.

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    Date of creation: 2002
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    Handle: RePEc:duk:dukeec:02-25

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    Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097
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    Cited by:
    1. Panattoni, Laura E., 2011. "The effect of Paragraph IV decisions and generic entry before patent expiration on brand pharmaceutical firms," Journal of Health Economics, Elsevier, vol. 30(1), pages 126-145, January.
    2. Corinne Sauer & Robert Sauer, 2007. "Is it possible to have cheaper drugs and preserve the incentive to innovate? The benefits of privatizing the drug approval process," The Journal of Technology Transfer, Springer, vol. 32(5), pages 509-524, October.
    3. Charles I. Jones, 2004. "The Shape of Production Function and the Direction of Technical Change," NBER Working Papers 10457, National Bureau of Economic Research, Inc.
    4. Angel Leon & Diego PiƱeiro, 2004. "Valuation Of A Biotech Company: A Real Options Approach," Working Papers wp2004_0420, CEMFI.
    5. Patricia M. Danzon & Eric L. Keuffel, 2013. "Regulation of the Pharmaceutical-Biotechnology Industry," NBER Chapters, in: Economic Regulation and Its Reform: What Have We Learned?, pages 407-484 National Bureau of Economic Research, Inc.

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