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What's the "Interest" in FDA Drug Advisory Committee Conflicts of Interest?

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Author Info
Joseph Golec
John Vernon
Abstract

Food and Drug Administration (FDA) drug advisory committee members sometimes have financial interests tied to drug companies. Congress and the public have become concerned that these financial interests lead to conflicts of interest. They conclude that the conflicts bias committee recommendations, and lead to unsafe or ineffective drugs being approved for public consumption, or, conversely, delays in approval of safe and effective drugs. Our paper provides empirical evidence, based on an event study methodology, that advisory committee meetings lead to weak or statistically insignificant effects on stock prices and hence equity values of regulated companies assumed to be affected by the particular matters coming before committee meetings.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14932.

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Date of creation: Apr 2009
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Handle: RePEc:nbr:nberwo:14932

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Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
I28 - Health, Education, and Welfare - - Education - - - Government Policy

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This page was last updated on 2009-12-3.

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