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Which Markets (Don't) Drive Pharmaceutical Innovation? Evidence From U.S. Medicaid Expansions / Craig Garthwaite, Rebecca Sachs, Ariel Dora Stern.
- Format:
- Book
- Author/Creator:
- Garthwaite, Craig.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28755.
- NBER working paper series no. w28755
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Which Markets
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- Pharmaceutical innovation policy involves managing a tradeoff between high prices for new products in the short-term and stronger incentives to develop products for the future. Prior research has documented a causal relationship between market size and pharmaceutical research and development (R&D) activities. The existing literature, however, provides no evidence of how this relationship varies across markets. We investigate whether recent expansions in state Medicaid programs caused an increase in R&D. We find no evidence of a response, potentially a result of Medicaid's low reimbursement for pharmaceuticals, suggesting low(er) price markets may have different dynamics with respect to innovation policy.
- Notes:
- Print version record
- May 2021.
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