Medical Innovation and Government Intervention

Edited by Raine Hermans, Morton Kamien, Martti Kulvik, Alicia Löffler and Joel Shalowitz

No 236 in ETLA B from The Research Institute of the Finnish Economy

Abstract: Global health care issues are driving the public sector into a balancing act between conflicting and complementary forces of inevitable change: an ageing population, the explosion of new therapeutic technologies, a critical shortage of clinical professionals, the desire to improve clinical outcomes, and economic constraints. With respect to technology and economic constraints, the public is in a confusing situation as it strives to lower current health care costs, but at the same time, seeks more and better health care technology. Moreover, in developing this new technology it is in the publics interest to foster successful new business development, increasing national wealth by creating jobs and the resulting tax revenues. Also, a healthier workforce is more productive, further enhancing the incentive for technology development. Biotechnology has been seen as offering promises of breakthrough innovations and hence major business potential. These innovations are not incremental improvements but new and different types of therapy and diagnostics. Consequently, a number of governments have invested significant resources into creating a strong biotechnology industry base, with special emphasis on subsidizing drug development.. Despite the success of some individual products, however, the infrastructure has so far not fully met expectations. This book deals with the complex ambiguity of the health care sector, assessing, in particular, the risks inherent with an enforced regulation of an entire industry sector. The major focus is on value creation in general and biotechnology in particular. Since drugs constitute the bulk of biotechnological health care applications, and likewise both drug development and pricing is under particular governmental regulation, the book highlights the pharmaceutical sector whenever possible. Both practitioners and policy makers will find the messages in this book helpful in creating value for their stakeholders.

Keywords: health care; drug development; biotechnology (search for similar items in EconPapers)
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