Chapter

Pharmaceutical Innovation, Mortality Reduction, and Economic Growth

Edited by Frank R. Lichtenberg

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/9780226551791.003.0004
Pharmaceutical Innovation, Mortality Reduction, and Economic Growth

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This chapter examines the effects of new pharmaceutical introductions on a direct measure of health: life years saved. It reviews some of the previous evidence on the impact of drugs on life expectancy, including anecdotal evidence, a case study of a specific disease (heart attacks), and data from a few clinical studies of specific drugs. The analysis reveals that the typical new drug approved in the period 1970–91 saves over 11,000 life-years annually. The chapter concludes that the estimated benefits of new drugs have vastly outweighed their costs of development.

Keywords: pharmaceutical introductions; new drugs; life expectancy; heart attacks; clinical studies

Chapter.  13268 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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