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Regulatory policy, value of knowledge assets and innovation strategy: The case of the Orphan Drug Act

  • Rzakhanov, Zaur
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    The U.S. Orphan Drug Act provides R&D incentives to drug-makers that go beyond statutory patent protection. The study explores the act's effect on financial returns to innovation and on the strategy of orphan drug development. Results indicate that the financial return to orphan drug development is positive. The findings suggest that when market size is small and cumulative innovation is an important phenomenon the policy that extends effective patent duration or subsidizes R&D activity improves incentives to innovate.

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    Article provided by Elsevier in its journal Research Policy.

    Volume (Year): 37 (2008)
    Issue (Month): 4 (May)
    Pages: 673-689

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    Handle: RePEc:eee:respol:v:37:y:2008:i:4:p:673-689
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    1. Bronwyn Hall, 1998. "Innovation and Market Value," Economics Series Working Papers 1999-W03, University of Oxford, Department of Economics.
    2. Frank R. Lichtenberg & Joel Waldfogel, 2003. "Does Misery Love Company? Evidence from pharmaceutical markets before and after the Orphan Drug Act," NBER Working Papers 9750, National Bureau of Economic Research, Inc.
    3. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, vol. 50(3), pages 765-68, May.
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    5. Hall, Bronwyn H & Jaffe, Adam B & Trajtenberg, Manuel, 2001. "The NBER Patent Citations Data File: Lessons, Insights and Methodological Tools," CEPR Discussion Papers 3094, C.E.P.R. Discussion Papers.
    6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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