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Calculating private and social returns to COVID-19 vaccine innovation

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  • Carsten Fink

Abstract

What is the return to COVID-19 vaccine innovation? This paper seeks to quantify both private and social returns, using available data on commercialized vaccines and certain assumptions about the pandemic’s epidemiological path as well as the economic costs of containment measures. The calculations reveal high returns to innovation. In the baseline scenario, the social benefit of vaccine innovation amounts to 70.5 trillion United States (U.S.) dollars globally, exceeding its private benefit by a factor of 887. The calculations bear on the private and public incentives to invest in vaccine innovation.

Suggested Citation

  • Carsten Fink, 2022. "Calculating private and social returns to COVID-19 vaccine innovation," WIPO Economic Research Working Papers 68, World Intellectual Property Organization - Economics and Statistics Division.
    • Handle: RePEc:wip:wpaper:68
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    File URL: https://www.wipo.int/edocs/pubdocs/en/wipo-pub-econstat-wp-68-en-calculating-private-and-social-returns-to-covid-19-vaccine-innovation.pdf
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    References listed on IDEAS

    as
    1. Gentry, Elissa Philip & Viscusi, W. Kip, 2016. "The fatality and morbidity components of the value of statistical life," Journal of Health Economics, Elsevier, vol. 46(C), pages 90-99.
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    More about this item

    Keywords

    Innovation; COVID-19; Social return; Public health;
    All these keywords.

    JEL classification:

    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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