The impact of public basic research on industrial innovation : evidence from the pharmaceutical industry


Toole, Andrew A.


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URL: https://ub-madoc.bib.uni-mannheim.de/29931
URN: urn:nbn:de:bsz:180-madoc-299310
Document Type: Working paper
Year of publication: 2011
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O31 , O32 , L65 , H51,
Subject headings (SWD): USA , Öffentliche Forschung , Pharmazeutische Forschung , Forschungskooperation , Pharmazeutische Industrie , Forschung und Entwicklung
Keywords (English): R&D , NIH , social return , biomedical , research lags , public science , new molecular entities
Abstract: While most economists believe that public scientific research fuels industry innovation and economic growth, systematic evidence supporting this relationship is surprisingly limited. In a recent study, Acemoglu and Linn (2004) identified market size as a significant driver of drug innovation in the pharmaceutical industry, but they did not find any evidence supporting science-driven innovation from publicly funded research. This paper uses new data on biomedical research investments by the U.S. National Institutes of Health (NIH) to examine the contribution of public research to pharmaceutical innovation. The empirical analysis finds that both market size and NIH funded basic research have economically and statistically significant effects on the entry of new drugs with the contribution of public basic research coming in the earliest stage of pharmaceutical drug discovery. The analysis also finds a positive return to public investment in basic biomedical research.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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