haku: @author Vernon, J. / yhteensä: 2
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| Tekijä: | Grabowski, H. Vernon, J. |
| Otsikko: | A new look at the returns and risks to pharmaceutical R&D. |
| Lehti: | Management Science
1990 : JUL, VOL. 36:7, p. 804-821 |
| Asiasana: | PHARMACEUTICAL INDUSTRY RATE OF RETURN |
| Kieli: | eng |
| Tiivistelmä: | The economic performance and the returns of R and D for 100 new drugs introduced to the USA during the 1970s are investigated. It was studied whether these new product introductions have obtained higher returns than in earlier periods. It is also instructive to examine how returns are affected by the drug pricing patterns. In contrast to prior studies, it incorporates several significant structural changes that have occurred in the pharmaceutical industry during the 1980s. A major finding is that the return on R and D for the average new drug is approximately 9 per cent industry cost of capital. It was also found that the variation in returns is highly skewed with only the top 30 drugs covering mean R and D costs on a fully allocated basis. |
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