Abstract and Keywords
This article discusses the key characteristics of the biopharmaceutical industry. The biopharmaceutical industry is unusually research intensive. The US research-based biopharmaceutical industry invests about 15 percent of its sales in research and development (R&D), compared with about 4 percent for US industry in general. The R&D cost of bringing a new compound to market is estimated to be greater than $1 billion. This research intensity underlies many of the unique features of this industry. Two key policy issues are briefly considered: whether and how governments should support and regulate R&D with the goal of generating the optimal amount and types of R&D spending; and how government should regulate the market access, prices, and promotion of biopharmaceuticals. An overview of the structure and contents of this book is also provided.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.