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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 ...
Innovation and Structural Change in Pharmaceuticals and Biotechnology
(Industrial and Corporate Change, 1994)
Health Reform and Pharmaceutical Innovation
(Seton Hall Law Review, 1994)