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Missing Markets for Innovation: Evidence from New Uses for Existing Drugs / Eric Budish, Maya M. Durvasula, Benjamin N. Roin, Heidi L. Williams.
- Format:
- Book
- Author/Creator:
- Budish, Eric.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w34222.
- NBER working paper series no. w34222
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2025.
- Summary:
- We investigate missing markets for innovation: contexts where intellectual property rights necessary to incentivize research investment are either unavailable or unenforceable. A simple theoretical model formalizes the conditions that yield missing investment. We identify an empirical setting--research into new uses for existing drugs-- with sharp variation in the enforceability of intellectual property rights on comparable inventions. We show that when intellectual property rights become unenforceable, research investment and commercialization nearly cease. Estimates of the value of this missing investment are in the trillions of dollars. We discuss the implications of these findings for the design of innovation policy.
- Notes:
- September 2025.
- Print version record
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