Analysis of data on the timing of launches of 642 new drugs in 76 countries during 1983-2002 shows that patent and price regulation regimes strongly affect the speed at which new drugs become commercially available in different countries. Price regulation delays launch, while longer and more extensive patent rights accelerate it. Health policy institutions and economic and demographic factors that make markets more profitable also speed up diffusion. The estimated effects are generally robust to controlling for endogeneity of policy regimes. The results highlight the important role of policy choices in driving access to new products.
Iain Cockburn is the Richard C. Shipley Professor in Management at Boston University, and a Research Associate in the Productivity, Innovation and Entrepreneurship Program of the National Bureau of Economic Research in Cambridge, Massachusetts. He has a PhD in Economics from Harvard University, and is a graduate of Queen Mary College, University of London. Professor Cockburn is published widely in leading journals in economics and management. His papers include “Is the Pharmaceutical Industry in a Productivity Crisis” in Innovation Policy and the Economy, “The Market for Follow-on Biologics: How Will It Evolve?” in Health Affairs, “The Hidden Cost of Low Prices: Access to New Drugs in India” in Health Affairs, “The Economics of Reproducibility in Preclinical Research” PLOS Biology, and “Finding the Endless Frontier: Lessons from the Life Sciences Innovation System for Technology Policy” in Capitalism and Society.
Professor Cockburn has consulted with and provided expert testimony on behalf of numerous pharmaceutical and life sciences companies, and has advised government agencies in the US, UK, and Canada.
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