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The Benefits and Savings of Publicly-Funded Clinical Trials of Prescription Drugs

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  • Dean Baker

Abstract

This paper proposes publicly funding prescription drug trials as an alternative to the present system wherein pharmaceutical companies often finance and conduct tests of their drugs themselves. The report posits that in addition to substantial savings for the government, independent companies working under long-term federal contracts would result in full and accurate disclosure of the results of drug testing.

Suggested Citation

  • Dean Baker, 2008. "The Benefits and Savings of Publicly-Funded Clinical Trials of Prescription Drugs," CEPR Reports and Issue Briefs 2008-09, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2008-09
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    File URL: http://www.cepr.net/documents/publications/clinicaltrials_2008_03.pdf
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    References listed on IDEAS

    as
    1. Lewis Tracy R. & Reichman Jerome H. & So Anthony D., 2007. "The Case for Public Funding and Public Oversight of Clinical Trials," The Economists' Voice, De Gruyter, vol. 4(1), pages 1-4, January.
    2. Tim Hubbard & James Love, 2004. "A New Trade Framework for Global Healthcare R&D," PLOS Biology, Public Library of Science, vol. 2(2), pages 1-1, February.
    3. DiMasi, Joseph A. & Hansen, Ronald W. & Grabowski, Henry G., 2003. "The price of innovation: new estimates of drug development costs," Journal of Health Economics, Elsevier, vol. 22(2), pages 151-185, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Paul Grootendorst, 2009. "Patents, Public-Private Partnerships or Prizes – How should we support pharmaceutical innovation?," Social and Economic Dimensions of an Aging Population Research Papers 250, McMaster University.
    2. Paul Grootendorst, 2009. "How should we support pharmaceutical innovation?," Social and Economic Dimensions of an Aging Population Research Papers 246, McMaster University.

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    More about this item

    Keywords

    presciption drugs; drug testing; drug trials;
    All these keywords.

    JEL classification:

    • I - Health, Education, and Welfare
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior

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