Estimating the Effects of Regulation on Innovation: An International Comparative Analysis of the Pharmaceutical Industry
Abstract
INNOVATION in the U.S. ethical drug industry in recent years has been characterized
by a number of adverse developments. In particular, there has been a sharp decline
in the rate of new product introductions and the incentive for engaging in research
and development (R & D) activity has been negatively influenced by rapid increases
in the costs and risks of developing new products. While there is little debate about
the existence of these adverse trends, there is considerable controversy about the
factors producing them. Briefly, we list below five hypotheses that have been discussed
as explanations for the declining rate of innovation.`
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https://hdl.handle.net/10161/2648Collections
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Henry G. Grabowski
Professor Emeritus of Economics
Professor Grabowski specializes in the investigation of economics in the pharmaceutical
industry, government regulation of business, and the economics of innovation. His
specific interests within these fields include intellectual property and generic competition
issues, the effects of government policy actions, and the costs and returns to pharmaceutical
R&D. He has been publishing research papers for over four decades, from his earlier
work, “The Effects of Regulatory Policy on the Incentives
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