The pharmaceutical value of marine biodiversity for anti-cancer drug discovery
Marine biodiversity is a resource of enormous importance to human societies that provides critical ecosystem services. Economic valuation of some services has been utilized to promote conservation initiatives by revealing a tangible and causative link between biodiversity declines and economic losses. Other ecosystem services have eluded valuation, including the value of the sea as a repository of novel pharmaceuticals. Here, we provide the first global estimate of the number, source and market value of undiscovered oncology drugs based on empirical data, industry statistics and conservative modelling assumptions. We report US$563Â billion-5.69Â trillion attributable to anti-cancer drugs of marine origin pending discovery, revealing a new and substantial at-risk ecosystem service value. Our model predicted 253,120-594,232 novel chemicals in marine organisms; 90.4-92.6% of these compounds remain undiscovered. A total of 55 to 214 new anti-cancer drugs were predicted to reach the market sourced primarily from animal phyla (Chordata, Mollusca, Porifera, and Byrozoa) and microbial phyla (Proteobacteria and Cyanobacteria). While no single aspect of extractive marine resource value should be relied upon to account for the opportunity costs of conservation initiatives, the application of valuation models to ecosystem services further reveals the true, irreversible economic cost of habitat degradation and biodiversity declines.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kenneth J. Arrow & Anthony C. Fisher, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, Oxford University Press, vol. 88(2), pages 312-319.
- Ilhem Kassar & Pierre Lasserre, 2002.
"Species Preservation and Biodiversity Value: A Real Options Approach,"
Cahiers de recherche du Département des sciences économiques, UQAM
20-18, Université du Québec à Montréal, Département des sciences économiques.
- Kassar, Ilhem & Lasserre, Pierre, 2004. "Species preservation and biodiversity value: a real options approach," Journal of Environmental Economics and Management, Elsevier, vol. 48(2), pages 857-879, September.
- Ilhem Kassar & Pierre Lasserre, 2002. "Species Preservation and Biodiversity Value: A Real Options Approach," CIRANO Working Papers 2002s-82, CIRANO.
- Brander, Luke M. & Van Beukering, Pieter & Cesar, Herman S.J., 2007. "The recreational value of coral reefs: A meta-analysis," Ecological Economics, Elsevier, vol. 63(1), pages 209-218, June.
- Holmlund, Cecilia M. & Hammer, Monica, 1999. "Ecosystem services generated by fish populations," Ecological Economics, Elsevier, vol. 29(2), pages 253-268, May.
- Costello, Christopher & Ward, Michael, 2006.
"Search, bioprospecting and biodiversity conservation,"
Journal of Environmental Economics and Management,
Elsevier, vol. 52(3), pages 615-626, November.
- Costello, Christopher & Ward, Michael B., 2007. "Search, bioprospecting, and biodiversity conservation," MPRA Paper 26527, University Library of Munich, Germany.
- de Groot, Rudolf S. & Wilson, Matthew A. & Boumans, Roelof M. J., 2002. "A typology for the classification, description and valuation of ecosystem functions, goods and services," Ecological Economics, Elsevier, vol. 41(3), pages 393-408, June.
- R. Simpson, 2007. "David Pearce and the economic valuation of biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 91-109, May.
- Simpson, R David & Sedjo, Roger A & Reid, John W, 1996. "Valuing Biodiversity for Use in Pharmaceutical Research," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 163-185, February.
- Wesseler, Justus, 2009. "The Santaniello theorem of irreversible benefits," MPRA Paper 25602, University Library of Munich, Germany.
- Amy Craft & R. Simpson, 2001. "The Value of Biodiversity in Pharmaceutical Research with Differentiated Products," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 18(1), pages 1-17, January.
- Nijkamp, Peter & Vindigni, Gabriella & Nunes, Paulo A.L.D., 2008. "Economic valuation of biodiversity: A comparative study," Ecological Economics, Elsevier, vol. 67(2), pages 217-231, September.
When requesting a correction, please mention this item's handle: RePEc:eee:ecolec:v:70:y:2010:i:2:p:445-451. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.