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Competition in the Pharmaceutical Industry: The Declining Profitability of Drug Innovation

Author

Listed:
  • Meir Statman

Abstract

In the early part of the period 1954–1978, the rate of return on drugs was nearly double the cost of capital, but at the end of the period the return declined to the cost of capital or below. The author traces the causes of this decline in the profitability of drug innovation.

Suggested Citation

  • Meir Statman, 1983. "Competition in the Pharmaceutical Industry: The Declining Profitability of Drug Innovation," Books, American Enterprise Institute, number 920795, September.
    • Handle: RePEc:aei:rpbook:920795
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    Citations

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    Cited by:

    1. Daniel B. Klein, 2008. "Colleagues, Where Is the Market Failure? Economists on the FDA," Econ Journal Watch, Econ Journal Watch, vol. 5(3), pages 316-348, September.
    2. Yulia Nedelcheva, 2019. "Competition And Competitiveness In Pharmaceutical Industry," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 16(2), pages 66-77.

    More about this item

    Keywords

    pharmaceuticals; drug policy; R&D; AEI Press; drug industry;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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