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The Oxford Handbook of the Economics of the Biopharmaceutical Industry (Oxford Handbooks)

Amazon.com Price:  $149.73 (as of 08/05/2019 17:00 PST- Details)

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Description

The biopharmaceutical industry has been a major driver of technological change in health care, producing unprecedented benefits for patients, cost challenges for payers, and profits for shareholders. As consumers and companies take pleasure in access to new drugs, policymakers world wide seek mechanisms to keep watch over prices and expenditures commensurate with value. More recently the 1990s productivity boom of new products has turned into a productivity bust, with fewer and more modest innovations, and flat or declining revenues for innovative firms as generics replace their former blockbuster products.

This timely volume examines the economics of the biopharmaceutical industry, with eighteen chapters by leading academic health economists. Part one examines the economics of biopharmaceutical innovation including determinants of the costs and returns to new drug development; how capital markets finance R&D and how costs of financing the biopharmaceutical industry compare to financing costs for other industries; the effects of safety and efficacy regulation by the Food and Drug Administration (FDA) and of price and reimbursement regulation on incentives for innovation; and the role of patents and regulatory exclusivities. Part two examines the market for biopharmaceuticals with chapters on prices and reimbursement in the US, the EU, and other industrialized countries, and in developing countries. It looks at the optimal design of insurance for drugs and the effects of cost sharing on spending and on health outcomes; how to measure the value of pharmaceuticals the use of pharmacoeconomics, including theory, practical challenges, and policy issues; how to measure pharmaceutical price growth over the years and recent evidence; empirical evidence on the value of pharmaceuticals in the case of health outcomes; promotion of pharmaceuticals to physicians and consumers; the economics of vaccines; and a review of the evidence on effects of mergers, acquisitions and alliances.

Each chapter summarizes the latest insights from theory and recent empirical evidence, and outlines important unanswered questions and areas for future research. Based on solid economics, it is on the other hand written in terms accessible to the general reader. The book is thus advisable reading for academic economists and non-economists, and for those in industry and policy who need to remember the economics of this fascinating industry.

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