Drug Prices and Research and Development Investment Behavior in the Pharmaceutical Industry
从理论和实证上证明，在控制其他因素后，药品实际价格上涨会带动制药企业研发投入增加；模拟显示若1980-2001年政府限制药价涨幅与消费价格指数同步，研发投入资本化价值将降低约30%，新药上市数量减少超过三分之一。
This paper argues theoretically and shows empirically that pharmaceutical R&D spending increases with real drug prices, after holding constant other determinants of research and development (R&D). Specifically, an estimated elasticity suggests that a 10 percent increase in the growth of real drug prices is associated with nearly a 6 percent increase in the growth of R&D intensity. Simulations that are based on our multiple‐regression model indicate that the capitalized value of pharmaceutical R&D spending would have been about 30 percent lower if the federal government had limited the rate of growth in drug price increases to the rate of growth in the general consumer price index during the period 1980–2001. Moreover, the results suggest that a drug price control regime would have resulted in 330–65 fewer new drugs, representing over one‐third of all actual new drug launches brought to the global market during that time period.