What we don’t know, and why, about incentives to stimulate biomedical R&D
This is an essay about strategic ignorance, as regards evidence relevant to policies that cost consumers and taxpayers billions of dollars.
The United States government grants 20 year patents on pharmaceutical drugs, and it also provides a growing number of other non-patent incentives and subsidies to stimulate R&D investments in new medicines. Are these incentives and subsidies necessary or cost effective? How would anyone know?
Here are some of the incentives we offer:
- Up to five year extensions of patents on pharmaceutical drugs.