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Returns to R&D on new drug introductions in the 1980s.
(J Health Econ, 1994-12)
This study finds that the mean IRR for 1980-84 U.S. new drug introductions is 11.1%, and the mean NPV is 22 million (1990 dollars). The distribution of returns is highly skewed. The results are robust to plausible changes ...
Cost of innovation in the pharmaceutical industry.
(J Health Econ, 1991-07)
The research and development costs of 93 randomly selected new chemical entities (NCEs) were obtained from a survey of 12 U.S.-owned pharmaceutical firms. These data were used to estimate the pre-tax average cost of new ...