The Alignment of Innovation Policy and Social Welfare: Evidence from Pharmaceuticals

Margaret K. Kyle

Innovation Policy and the Economy, 2020, vol. 20, issue 1, 95 - 123

Abstract: This chapter provides an overview of different innovation policies and their performance in the pharmaceutical sector. I emphasize three points. First, both push and pull policies have generally promoted pharmaceutical research for diseases with large burdens. Second, imperfections in product and capital markets undermine the efficiency of pull policies. Similarly, the allocation of public funds is not always optimal, which limits the efficacy of push policies. Finally, interactions with other domestic policies and with policies in other countries are often overlooked in both economic studies of pharmaceutical research and development as well as policy choices.

Date: 2020
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