Does consumer demand pull scientifically novel drug innovation?
利用Medicare Part D引入带来的外生需求变化，研究发现需求拉动效应显著偏向非新颖或“跟进型”药物研发，而非科学新颖的药物创新。
Abstract Prior literature shows that stronger consumer demand leads to increased pharmaceutical R&D. However, how strong these “demand‐pull” effects are for more scientifically novel drug innovation remains unknown. We address this question using comprehensive clinical trial data that include precise characterizations of the scientific approaches used in tested molecules. We characterize scientific novelty as the number of times each approach has been used in the past. Exploiting exogenous demand variation introduced by the introduction of Medicare Part D, we find strong evidence that demand‐pull effects are markedly skewed in favor of non‐novel or “follow‐on” drug R&D.