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Do patents really foster innovation in the pharmaceutical sector? Results from an evolutionary, agent-based model

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  • Dosi, Giovanni
  • Palagi, Elisa
  • Roventini, Andrea
  • Russo, Emanuele

Abstract

The role of the patent system in the pharmaceutical sector is highly debated also due to its strong public health implications. In this paper we develop an evolutionary, agent-based model of the pharmaceutical industry to explore the impact of different configurations of the patent system upon innovation and competition. The model is able to replicate the main stylized facts of the drug industry as emergent properties. We perform policy experiments to assess the impact of different Intellectual Property Rights (IPR) regimes changing the breadth and length of patents. Results tend to point against a strong patent system. Simulation experiments suggest that the extent and duration of patents shall, if anything, be set to minimum levels. This holds even when one assumes a strong response of R&D incentives to appropriability conditions and when taking into account information disclosure effects triggered by patents.

Suggested Citation

  • Dosi, Giovanni & Palagi, Elisa & Roventini, Andrea & Russo, Emanuele, 2023. "Do patents really foster innovation in the pharmaceutical sector? Results from an evolutionary, agent-based model," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 564-589.
    • Handle: RePEc:eee:jeborg:v:212:y:2023:i:c:p:564-589
    DOI: 10.1016/j.jebo.2023.05.039
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    More about this item

    Keywords

    Innovation; Intellectual property rights; Market power; Pharmaceutical sector; Agent-based models;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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