FEDERAL TRADE COMMISSION
FOR THE CONSUMER

Bureau of Economics
Roundtable on the Economics of the Pharmaceutical Industry

This one-day non-public roundtable discussed recent economic research related to competition and consumer protection issues in the pharmaceutical industry.  This academic-style conference included 6 academic “research-in-progress” presentations and 3 panel discussions on policy and related topics.  Participants included industry professionals and economists from academia, industry and the government.  The roundtable discussed a number of important topics including the economic impact of direct-to-consumer advertising, spillovers and mergers in pharmaceutical R&D, and the economic incentives for new drug development.  Harvard’s Michael Kremer gave the keynote address on “Incentives to Develop Vaccines.”

• Agenda
• Summary of Presentations and Events
• Biographies of Invited Participants
• Pharmaceutical Transcript
• Roundtable Summary

Presentation Slides

• Duggan Presentation - "Estimating the Impact of Medical Innovation: A Case Study of HIV Antiretroviral Treatments"
• Jena Presentation – “Discussion: Estimating the Impact of Medical Innovation: A Case Study of HIV ARV Treatments”
• Philipson Presentation – “Surplus Appropriation from R&D and Health Care Technology Assessment Procedures”
• Vanness Presentation – “Discussion: Who Benefits from New Medical Technologies? Estimates for Consumer and Producer Surpluses for HIV/AIDS Drug”
• DiMasi Presentation – “Costs and Returns for New Drug Development”
• Ryan Presentation - "Developing Innovative Vaccines for Global Health Needs"
• Lutter Presentation – “Policy and New Drug Development”
• Ridley Presentation –“Policy & Drug Development”
• Kremer Presentation - "Incentives to Develop Vaccines"
• Metrick Presentation - "Does Financing Have A Real Effect on Biotech Drug Development?"
• Azoulay Presentation – “Discussion of “Can A liquid Market Save Your Life?”
• Stern Presentation - "Do Formal Intellectual Property Rights Hinder the Free Flow of Scientific Knowledge? An Empirical Test of the Anti-Commons Hypothesis "
• Smith Presentation – “Discussion: Do Formal Intellectual Property Rights Hinder the Free Flow of Scientific Knowledge? An Empirical Test of the Anti-Commons Hypothesis "
• Majewski Presentation – “Is There A Tragedy Of The Anticommons In Life Sciences and What (If Anything) Should Be Done About It?”
• Barrett Presentation – “Pharmaceutical R&D and Biotech Development”
• Quirk Presentation – “Biotech/Pharma R&D: Role of Licensing/M&A”
• Rankin Presentation – “Pharmaceutical R&D and Biotech Development”
• Jin Presentation – “Patient Learning and Advertising in the Diffusion of Cox-2 Inhibitors”
• Jayawardhana Presentation – “Discussion: Patient Learning and Advertising in the Diffusion of Cox-2 Inhibitors”
• Bradford Presentation – “Effect of Direct to Consumer Advertising for Cholesterol Treatment”
• Yau Presentation - “Discussion: Effect of Direct to Consumer Advertising for Cholesterol Treatment”
• Manning Presentation – “Direct-to-Consumer Advertising”
• Encinosa Presentation – “Drug Price Dispersion and DTC Advertising”
• Wosinka Presentation – “Media can be an important source of information about Rx drugs”

Papers

• Mark Duggan (University of Maryland) – “Estimating the Impact of Medical Innovation:  A Case Study of HIV Antiretroviral Treatments” (with William N. Evans)
• Tomas Philipson (Chicago Harris) – “Surplus Appropriation from R&D and Health Care Technology Assessment Procedures”(with Bapu Jena)
• Andrew Metrick (Wharton School, University of Pennsylvania) – “Does Financing Have A Real Effect on Biotech Drug Development?” (with Sean Nicholson)
• Scott Stern (Northwestern - Kellogg) – “Do Formal Intellectual Property Rights Hinder the Free Flow of Scientific Knowledge? An Empirical Test of the Anti-Commons Hypothesis” (with Fiona Murray)
• Ginger Jin (University of Maryland) – “Patient Learning and Advertising in the Diffusion of Cox-2 Inhibitors”  (with co-authors)
• David Bradford (Medical University of South Carolina) – “The Impact of Advertising on Statin Drug Adherence and Attaining LDL Cholesterol Goals” (with Andrew Kleit)