Abstract
The pharmaceutical industry worldwide is a rapidly burgeoning industry contributing
to growth of gross domestic product and employment. Technological change in this field
has been very rapid, with many new products being introduced. For this reason in part,
health care budgets throughout the world have increased dramatically, eliciting growing
pressures for cost containment. This book explores four important issues in pharmaceutical
innovations: (1) the industry structure of pharmaceutical innovation; (2) incentives
for correcting market failures in allocating resources for research and development;
(3) competition and marketing; and (4) public evaluation of the benefits and costs
of innovation. The lessons are applicable to countries all over the world, at all
levels of economic development. By discussing existing evidence this book proposes
incentive arrangements to accomplish social objectives.
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