Matthias Dahm () (Departamento de Economía, Universidat Rovira i Virgili) Paula González () (Department of Economics, Universidad Pablo de Olavide) Nicolás Porteiro () (Department of Economics, Universidad Pablo de Olavide)
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Scandals of selective reporting of clinical trial results by pharmaceutical firms have underlined the need for more transparency in clinical trials. We provide a theoretical framework which reproduces incentives for selective reporting and yields three key implications concerning regulation. First, a compulsory clinical trial registry complemented through a voluntary clinical trial results database can implement full transparency (the existence of all trials as well as their results is known). Second, full transparency comes at a price. It has a deterrence effect on the incentives to conduct clinical trials, as it reduces the firms' gains from trials. Third, in principle, a voluntary clinical trial results database without a compulsory registry is a superior regulatory tool; but we provide some qualified support for additional compulsory registries when medical decision-makers cannot anticipate correctly the drug companies' decisions whether to conduct trials.
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Paper provided by Universidad Pablo de Olavide, Departamento de Economía in its series Working Papers with number
08.02.
Find related papers by JEL classification: D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
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