Measuring Biopharmaceutical Innovation in the Modern Era | The Incidental Economist
As the Inflation Reduction Act empowers Medicare to negotiate drug prices based in part on clinical benefit, and as the FDA more closely scrutinizes accelerated approvals, a fundamental question has become increasingly important: what exactly constitutes “innovation” in biopharma? To date, our answers have largely focused on counting—company R&D investment, drug approvals, and patents. But