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Patents and New Product Development in the Pharmaceutical and Biotechnology Industries

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  • Grabowski, Henry

Abstract

This paper examines the rationale for intellectual property protection in the development of new pharmaceutical products. Prior survey studies of R&D executives have found that patents play a more critical role in appropriating the benefits of innovation in pharmaceuticals compared to other high tech industries. This paper considers why this is so based on an analysis of the economic characteristics of R&D costs and returns in the pharmaceutical and biotechnology industries. The final section examines recent policy developments and issues surrounding patent lifetime and generic competition in this industry.

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  • Grabowski, Henry, 2002. "Patents and New Product Development in the Pharmaceutical and Biotechnology Industries," Working Papers 02-25, Duke University, Department of Economics.
    • Handle: RePEc:duk:dukeec:02-25
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    Cited by:

    1. Charles I. Jones, 2005. "The Shape of Production Functions and the Direction of Technical Change," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(2), pages 517-549.
    2. Nir Jaimovich & Sergio Rebelo, 2017. "Nonlinear Effects of Taxation on Growth," Journal of Political Economy, University of Chicago Press, vol. 125(1), pages 265-291.
    3. Bruce Rasmussen, 2010. "Innovation and Commercialisation in the Biopharmaceutical Industry," Books, Edward Elgar Publishing, number 13680.
    4. Corinne Sauer & Robert Sauer, 2007. "Is it possible to have cheaper drugs and preserve the incentive to innovate? The benefits of privatizing the drug approval process," The Journal of Technology Transfer, Springer, vol. 32(5), pages 509-524, October.
    5. Ángel León & Diego Piñeiro, 2004. "Valuation of a Biotech Company: A Real Options Approach," Working Papers wp2004_0420, CEMFI.
    6. Philipp N. Baecker, 2007. "Real Options and Intellectual Property," Lecture Notes in Economics and Mathematical Systems, Springer, number 978-3-540-48264-2, December.
    7. Umit Ozmel & Isin Guler, 2015. "Small fish, big fish: The performance effects of the relative standing in partners' affiliate portfolios," Strategic Management Journal, Wiley Blackwell, vol. 36(13), pages 2039-2057, December.
    8. Panattoni, Laura E., 2011. "The effect of Paragraph IV decisions and generic entry before patent expiration on brand pharmaceutical firms," Journal of Health Economics, Elsevier, vol. 30(1), pages 126-145, January.
    9. Patricia M. Danzon & Eric L. Keuffel, 2014. "Regulation of the Pharmaceutical-Biotechnology Industry," NBER Chapters, in: Economic Regulation and Its Reform: What Have We Learned?, pages 407-484, National Bureau of Economic Research, Inc.

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