We analyze the effects on consumers of an extreme policy experiment -- Napsterizing' pharmaceuticals -- whereby all … associated with greater access to the current stock of pharmaceuticals, future consumers will be harmed by reducing the flow of … new pharmaceuticals to the market. Our estimates of the consumer surpluses at stake are based on the stylized facts …

stage pharmaceutical innovation? We explore this question using novel data sources and an empirical framework that models … implications of our results for long-run welfare, policy, and innovation …

medical innovations whose returns are earned worldwide. Because world returns drive innovation and innovation is central to … countries when governments centrally price health care. Providing world returns to medical innovation under such central pricing … benefit of medical innovation. This has the direct normative implication that medical innovations have inefficiently low world …

countries from 2000-2013. The World Trade Organization required its member countries to implement a minimum level of patent … protection within a specified time period as part of the TRIPS Agreement. However, members retained the right to impose price … product level, selection into TRIPS "treatment" is exogenously determined by compliance deadlines that vary across countries …

We perform an econometric investigation of the contribution of pharmaceutical innovation to mortality reduction and … pharmaceutical innovation, there would have been no increase and perhaps even a small decrease in mean age at death, and that new … drugs have increased life expectancy, and lifetime income, by about 0.75-1.0% per annum. The drug innovation measures are …

This paper presents an econometric analysis of the effect of changes in the quantity and type of pharmaceuticals …