 Pharmaceutical Innovation, Longevity, and Medical Expenditure in Greece, 1995-2010No 5166, CESifo Working Paper Series from CESifo Abstract: Longitudinal, disease-level data are used to analyze the impact of pharmaceutical innovation on longevity (mean age at death), hospital utilization, and medical expenditure in Greece during the period 1995-2010. The estimates indicate that pharmaceutical innovation increased mean age at death by 0.87 years (10.4 months)-—about 44% of the total increase in longevity—-and that diseases with larger increases in the cumulative number of drugs launched 1-4 years earlier had smaller increases in the number of hospital days. Real per capita pharmaceutical expenditure increased rapidly during this period, but 62% of the increase in pharmaceutical expenditure was offset by a reduction in hospital expenditure attributable to pharmaceutical innovation. The baseline estimate of the cost per life-year gained from pharmaceutical innovation in Greece is $17,117, which is a very small fraction of leading economists’ estimates of the value of (or consumers’ willingness to pay for) a one-year increase in life expectancy. Keywords: pharmaceutical; innovation; longevity; Greece; hospital (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_5166 Access Statistics for this paper More papers in CESifo Working Paper Series from CESifo Contact information at EDIRC. |
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