Financial intermediation and the funding of biomedical innovation: A review

Andrew W. Lo and Richard T. Thakor

Journal of Financial Intermediation, 2023, vol. 54, issue C

Abstract: We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature—underinvestment in biomedical R&D—and focus on the role that banks and other intermediaries can play in financing biomedical R&D and potentially closing this funding gap. We conclude with a discussion of the role of financial intermediation in the delivery of healthcare to patients.

Keywords: Financial intermediaries; Healthcare finance; Drug development; R&D, Innovation (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinin:v:54:y:2023:i:c:s1042957323000116

DOI: 10.1016/j.jfi.2023.101028

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