Chapter

The Economic Value of Medical Research

Edited by Kevin M. Murphy and Robert H. Topel

in Measuring the Gains from Medical Research

Published by University of Chicago Press

Published in print April 2003 | ISBN: 9780226551784
Published online February 2013 | e-ISBN: 9780226551791 | DOI: http://dx.doi.org/10.7208/chicago/9780226551791.003.0003
The Economic Value of Medical Research

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This chapter evaluates the economic benefits of investing in medical research. It proposes a framework for valuing improvements in health and progress against disease, against which the costs of producing new medical knowledge and delivering health care can be compared. The analysis suggests that the potential gains from further improvements in health care are also extremely large. For example, it is estimated that reducing deaths from heart disease by 10 percent would generate approximately $5.1 trillion in economic value, while reducing cancer death rates would be worth roughly $4.4 trillion.

Keywords: medical research; economic benefits; health care delivery; heart disease; cancer; economic value

Chapter.  11028 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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