Does Public Scientific Research Complement Private Investment in Research and Development in the Pharmaceutical Industry?

@article{Toole2007DoesPS,
  title={Does Public Scientific Research Complement Private Investment in Research and Development in the Pharmaceutical Industry?},
  author={Andrew A. Toole},
  journal={The Journal of Law and Economics},
  year={2007},
  volume={50},
  pages={81 - 104}
}
  • Andrew A. Toole
  • Published 1 February 2007
  • Medicine
  • The Journal of Law and Economics
This paper analyzes how pharmaceutical research and development (R&D) investment responds to publicly supported biomedical research performed mainly at universities and nonprofit institutions. New microlevel data on investment, by the U.S. National Institutes of Health, allow measures of public basic and clinical research in seven medical classes to be included in a distributed lag model explaining pharmaceutical R&D investment. Using a panel of medical classes observed over 18 years, the… 
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The implied historical returns from UK government and charity funded investment in medical research in the UK compare favourably with the rates of return achieved on investments in the rest of the UK economy and are greatly in excess of the 3.5 % real annual rate of return required by the UK government to public investments generally.
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Does targeted, disease-specific public research funding influence pharmaceutical innovation?
  • Margaret Blume-Kohout
  • Medicine
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  • 2012
TLDR
There exists little evidence to suggest that increasing targeted public research funding for any specific disease will result in increased development of drugs to treat that disease, and there is no evidence that increases in NIH extramural grant funding for research focused on specific diseases will increase the number of related treatments investigated in the more expensive, late-stage trials.
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