ITIF-生物制药研发投资与预期收益的关系：改进政策证据（英）-2024.5-8页

TheRelationshipBetweenBiopharmaR&DInvestmentandExpectedReturns:ImprovingEvidencetoInformPolicyKIRSTENAXELSENANDSANDRABARBOSUMAY2024Betterevidenceisneededtoevaluatetheimpactofpolicychangesonnewdrugdevelopment.Greateravailabilityofgovernmentdatashouldsupportmorerigorousevaluationstoinformevidence-basedpolicymaking.KEYTAKEAWAYSThereexistsaclearlinkbetweentheexpectedfinancialreturnfromadrugandinvestmentindrugresearchanddevelopment(R&D)inthebiopharmaindustry.Governmentactionsaimedatreducingdrugcosts,includingpricecontrolsorreducedintellectualproperty(IP)protection,decreasetheexpectedfinancialreturnsfromdrugs,leadingtolessR&D.However,theexactextentofthistrade-offremainspoorlyunderstoodduetotheage,dataquality,anddataanalysislimitationsofexistingstudies.U.S.governmentagenciessuchastheCongressionalBudgetOffice(CBO)usethesestudiestoestimatetheimpactofpolicychanges,despitetheirlimitations.TheCBOacknowledgestheneedforbetterdataandmorerigorousstudiestoinformevidence-basedpolicymaking,andhascalledfornewresearchtoassessthetrade-offbetweencostsavingsandfuturehealthbenefitsfrombiopharmaclinicaldevelopment.itif.orgINTRODUCTIONAsignificantbodyofevidencesuggeststhereisapositiverelationshipbetweentheexpectationoffinancialreturnfromanapprovedmedicineandbiopharmaceuticalfirms’investmentsinresearchanddevelopment.Economist...