Prices, regulation and innovation in pharmaceuticals and biotechnology

Abstract

This chapter examines the role of pharmaceutical patents in the on-going support of pharmaceutical innovation. The social value of pharmaceutical innovation and the importance of its sustained growth are explained. The government buy-outs of patents to reduce drug prices for all American consumers while preserving vital drug innovation are proposed.

Citation

Hay, J. (2007), "Prices, regulation and innovation in pharmaceuticals and biotechnology", Farquhar, I., Summers, K.H. and Sorkin, A. (Ed.) The Value of Innovation: Impact on Health, Life Quality, Safety, and Regulatory Research (Research in Human Capital and Development, Vol. 16), Emerald Group Publishing Limited, Leeds, pp. 81-99. https://doi.org/10.1016/S0194-3960(08)16005-X