IDEAS home Printed from https://ideas.repec.org/a/eee/socmed/v366y2025ics0277953624010931.html

Overcoming the “valleys of death” in advanced therapies: The role of finance

Author

Listed:
  • Cosma, Simona
  • Cosma, Stefano
  • Pennetta, Daniela
  • Rimo, Giuseppe

Abstract

Advanced therapies are the frontier of medical research and have a relevant therapeutic potential and a profound social value. Despite this, their funding is hindered by many heterogeneous factors that obstruct their translation and survival on the market, even when approved and effective.

Suggested Citation

  • Cosma, Simona & Cosma, Stefano & Pennetta, Daniela & Rimo, Giuseppe, 2025. "Overcoming the “valleys of death” in advanced therapies: The role of finance," Social Science & Medicine, Elsevier, vol. 366(C).
    • Handle: RePEc:eee:socmed:v:366:y:2025:i:c:s0277953624010931
    DOI: 10.1016/j.socscimed.2024.117639
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0277953624010931
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.socscimed.2024.117639?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Gardner, John & Webster, Andrew, 2016. "The social management of biomedical novelty: Facilitating translation in regenerative medicine," Social Science & Medicine, Elsevier, vol. 156(C), pages 90-97.
    2. Donthu, Naveen & Kumar, Satish & Mukherjee, Debmalya & Pandey, Nitesh & Lim, Weng Marc, 2021. "How to conduct a bibliometric analysis: An overview and guidelines," Journal of Business Research, Elsevier, vol. 133(C), pages 285-296.
    3. Laura Grassi & Simone Fantaccini, 2022. "An overview of Fintech applications to solve the puzzle of health care funding: state-of-the-art in medical crowdfunding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.
    4. Aria, Massimo & Cuccurullo, Corrado, 2017. "bibliometrix: An R-tool for comprehensive science mapping analysis," Journal of Informetrics, Elsevier, vol. 11(4), pages 959-975.
    5. Martin Kenney & Donald Patton, 2018. "Sub-national technology policy and commerce: evaluating the impacts of the California Institute for Regenerative Medicine," The Journal of Technology Transfer, Springer, vol. 43(1), pages 47-68, February.
    6. Klinkowska, Olga & Zhao, Yuan, 2023. "Fund flows and performance: New evidence from retail and institutional SRI mutual funds," International Review of Financial Analysis, Elsevier, vol. 87(C).
    7. Hanna, E. & Toumi, M. & Dussart, C. & Borissov, B. & Dabbous, O. & Badora, K. & Auquier, P., 2018. "Funding breakthrough therapies: A systematic review and recommendation," Health Policy, Elsevier, vol. 122(3), pages 217-229.
    8. Smithers, Daniel & Waitzkin, Howard, 2022. "Universal health coverage as hegemonic health policy in low- and middle-income countries: A mixed-methods analysis," Social Science & Medicine, Elsevier, vol. 302(C).
    9. Doug Coyle & Isabelle Durand-Zaleski & Jasmine Farrington & Louis Garrison & Johann-Matthias Graf von der Schulenburg & Wolfgang Greiner & Louise Longworth & Aurélie Meunier & Anne-Sophie Moutié & Ste, 2020. "HTA methodology and value frameworks for evaluation and policy making for cell and gene therapies," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(9), pages 1421-1437, December.
    10. Bengt Jönsson & Grace Hampson & Jonathan Michaels & Adrian Towse & J.-Matthias Graf Schulenburg & Olivier Wong, 2019. "Advanced therapy medicinal products and health technology assessment principles and practices for value-based and sustainable healthcare," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 20(3), pages 427-438, April.
    11. Khan, Muhammad Arif, 2022. "ESG disclosure and Firm performance: A bibliometric and meta analysis," Research in International Business and Finance, Elsevier, vol. 61(C).
    12. Ana-Catarina Pinho-Gomes & John Cairns, 2022. "Evaluation of Advanced Therapy Medicinal Products by the National Institute for Health and Care Excellence (NICE): An Updated Review," PharmacoEconomics - Open, Springer, vol. 6(2), pages 147-167, March.
    13. Allen, Franklin & Santomero, Anthony M., 1997. "The theory of financial intermediation," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1461-1485, December.
    14. Craddock, Susan, 2015. "Precarious connections: Making therapeutic production happen for malaria and tuberculosis," Social Science & Medicine, Elsevier, vol. 129(C), pages 36-43.
    15. Andrew W. Lo & Richard T. Thakor, 2022. "Financing Biomedical Innovation," Annual Review of Financial Economics, Annual Reviews, vol. 14(1), pages 231-270, November.
    16. Wainwright, Steven P. & Williams, Clare & Michael, Mike & Farsides, Bobbie & Cribb, Alan, 2006. "From bench to bedside? Biomedical scientists' expectations of stem cell science as a future therapy for diabetes," Social Science & Medicine, Elsevier, vol. 63(8), pages 2052-2064, October.
    17. Cosma, Simona & Rimo, Giuseppe & Torluccio, Giuseppe, 2023. "Knowledge mapping of model risk in banking," International Review of Financial Analysis, Elsevier, vol. 89(C).
    18. Garza Ramos, Alejandro & Daim, Tugrul & Gaats, Lukas & Hutmacher, Dietmar W. & Hackenberger, David, 2022. "Technology roadmap for the development of a 3D cell culture workstation for a biomedical industry startup," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    19. Nees Jan Eck & Ludo Waltman, 2010. "Software survey: VOSviewer, a computer program for bibliometric mapping," Scientometrics, Springer;Akadémiai Kiadó, vol. 84(2), pages 523-538, August.
    20. Chiara Franzoni & Paula Stephan & Reinhilde Veugelers, 2022. "Funding Risky Research," Entrepreneurship and Innovation Policy and the Economy, University of Chicago Press, vol. 1(1), pages 103-133.
    21. David Johnson & Adam J. Bock, 2017. "Coping with uncertainty: entrepreneurial sensemaking in regenerative medicine venturing," The Journal of Technology Transfer, Springer, vol. 42(1), pages 33-58, February.
    22. Goodell, John W. & Kumar, Satish & Lahmar, Oumaima & Pandey, Nitesh, 2023. "A bibliometric analysis of cultural finance," International Review of Financial Analysis, Elsevier, vol. 85(C).
    23. Sabri Boubaker & John Goodell & Satish Kumar & Riya Sureka, 2023. "COVID-19 and finance scholarship: A systematic and bibliometric analysis," Post-Print hal-04874293, HAL.
    24. Fontrier, Anna-Maria, 2022. "Market access for medicines treating rare diseases: Association between specialised processes for orphan medicines and funding recommendations," Social Science & Medicine, Elsevier, vol. 306(C).
    25. Boubaker, Sabri & Goodell, John W. & Kumar, Satish & Sureka, Riya, 2023. "COVID-19 and finance scholarship: A systematic and bibliometric analysis," International Review of Financial Analysis, Elsevier, vol. 85(C).
    26. Kim, Jinhee & de Leeuw, Evelyne & Harris-Roxas, Ben & Sainsbury, Peter, 2023. "Five urban health research traditions: A meta-narrative review," Social Science & Medicine, Elsevier, vol. 336(C).
    27. Bouchard, Louise & Albertini, Marcelo & Batista, Ricardo & de Montigny, Joanne, 2015. "Research on health inequalities: A bibliometric analysis (1966–2014)," Social Science & Medicine, Elsevier, vol. 141(C), pages 100-108.
    28. Waltman, Ludo, 2016. "A review of the literature on citation impact indicators," Journal of Informetrics, Elsevier, vol. 10(2), pages 365-391.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alaminos, David & Guillén-Pujadas, Miguel & Vizuete-Luciano, Emili & Merigó, José María, 2024. "What is going on with studies on financial speculation? Evidence from a bibliometric analysis," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 429-445.
    2. Pandey, Dharen Kumar & Hunjra, Ahmed Imran & Bhaskar, Ratikant & Al-Faryan, Mamdouh Abdulaziz Saleh, 2023. "Artificial intelligence, machine learning and big data in natural resources management: A comprehensive bibliometric review of literature spanning 1975–2022," Resources Policy, Elsevier, vol. 86(PA).
    3. Atree, Manish Kumar & Tripathy, Naliniprava, 2025. "Cryptocurrency research: Bibliometric review and content analysis," International Review of Economics & Finance, Elsevier, vol. 98(C).
    4. Cosma, Simona & Rimo, Giuseppe, 2024. "Redefining insurance through technology: Achievements and perspectives in Insurtech," Research in International Business and Finance, Elsevier, vol. 70(PA).
    5. Yao, Ye & Du, Huibin & Zou, Hongyang & Zhou, Peng & Antunes, Carlos Henggeler & Neumann, Anne & Yeh, Sonia, 2023. "Fifty years of Energy Policy: A bibliometric overview," Energy Policy, Elsevier, vol. 183(C).
    6. Boubaker, Sabri & Goodell, John W. & Kumar, Satish & Sureka, Riya, 2023. "COVID-19 and finance scholarship: A systematic and bibliometric analysis," International Review of Financial Analysis, Elsevier, vol. 85(C).
    7. Goodell, John W. & Oriani, Marco Ercole & Paltrinieri, Andrea & Patel, Ritesh, 2023. "The importance of ABS 2 journals in finance scholarship: Evidence from a bibliometric case study," Finance Research Letters, Elsevier, vol. 55(PA).
    8. Gour Gobinda Goswami & Tahmid Labib, 2022. "Modeling COVID-19 Transmission Dynamics: A Bibliometric Review," IJERPH, MDPI, vol. 19(21), pages 1-19, October.
    9. Charlie Karlsson & Björn Hammarfelt, 2025. "Correction: The growth and development of Nordic regional science research 1982–2022: bibliometric evidence from thirteen regional science journals," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 74(2), pages 1-1, June.
    10. Md. Nazmus Sakib & Md. Akmol Uddin & Towhida Akter Kona & Kanta Sharmin & Md. Mizanur Rahman & Mohammad Sahabuddin, 2025. "A twenty-two-year journey of sustainable human resource management research: bibliometric analysis," Future Business Journal, Springer, vol. 11(1), pages 1-16, December.
    11. Madhavaraman M & Dr. Jitender Kumar & Avinash Adhupiya, 2025. "A Bibliometric Analysis of Scopus Literature (1987-2024) On Smart Technologies in Hospitality: From Artificial Intelligence to Augmented Reality," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 12(10), pages 726-748, October.
    12. Jin Su & Mo Wang & Mohd Adib Mohammad Razi & Norlida Mohd Dom & Noralfishah Sulaiman & Lai-Wai Tan, 2023. "A Bibliometric Review of Nature-Based Solutions on Urban Stormwater Management," Sustainability, MDPI, vol. 15(9), pages 1-23, April.
    13. Khan, Ashraf & Goodell, John W. & Hassan, M. Kabir & Paltrinieri, Andrea, 2022. "A bibliometric review of finance bibliometric papers," Finance Research Letters, Elsevier, vol. 47(PA).
    14. Hussain, Walayat & Merigó, José M. & Rahimi, Iman & Lev, Benjamin, 2025. "Half a century of Omega – The International Journal of Management Science: A bibliometric analysis," Omega, Elsevier, vol. 133(C).
    15. Carè, Rosella & Fatima, Rabia & Agnese, Paolo, 2025. "Crowdfunding and sustainable development: A systematic review," Finance Research Letters, Elsevier, vol. 78(C).
    16. Zamani, Mehdi & Yalcin, Haydar & Naeini, Ali Bonyadi & Zeba, Gordana & Daim, Tugrul U, 2022. "Developing metrics for emerging technologies: identification and assessment," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    17. Abidin Kemeç & Ayşenur Tarakcıoglu Altınay, 2023. "Sustainable Energy Research Trend: A Bibliometric Analysis Using VOSviewer, RStudio Bibliometrix, and CiteSpace Software Tools," Sustainability, MDPI, vol. 15(4), pages 1-21, February.
    18. Dušan Nikolić & Dragan Ivanović & Lidija Ivanović, 2024. "An open-source tool for merging data from multiple citation databases," Scientometrics, Springer;Akadémiai Kiadó, vol. 129(7), pages 4573-4595, July.
    19. Guillén-Pujadas, Miguel & Alaminos, David & Vizuete-Luciano, Emili & Callejón-Gil, Ángela M. & Merigó-Lindahl, José María, 2024. "Mapping the evolution of ethical standards in trading: A bibliometric analysis," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    20. Srok Antonija & Bonča Petra Došenović, 2025. "Economic Evaluations of Digital Health Interventions: A Bibliometric Analysis and a Review of Methodological Challenges," Business Systems Research, Sciendo, vol. 16(1), pages 285-304.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • I13 - Health, Education, and Welfare - - Health - - - Health Insurance, Public and Private
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:socmed:v:366:y:2025:i:c:s0277953624010931. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/315/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.