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1 [i] (1975)

handle is hein.amenin/aeiabdc0001 and id is 1 raw text is: a co. nferen:ce sponsored by the Cener for Health Policy Research of the American Enterprise Institute in July 1974. Trhe eon euct.-..-which Nought toget'her experts for aovernmet industry, and the academic comrnt-examined how the public's iterest in health care is affected by lthe performance of the dru industry and governmnt pohley. Part On of tlhe rceig el ih h osmrsitrs in pharniwa- ectca.... Kenneth, Melon rvviews some of whnat we know about drug risks and benefits, conceluding that moetre data are needed before we can1 separate fact front fancy. Sam Peltmma measures {he benefits of more rapid diffusion of drtg iforma- tion and finds that these benefits may be q ite large. Mithell Balter looks at how consnter cop wit illess nd sesa nedfor m-ore sI ti of th bnfis n risks of drug therapy from .the Vantage point of the: con sumer. Part Two, considers drug c:ompan~y profitabilty. Thomas Stauffer Tests a financial model with pharmaceuticail industry :data to show that accounting rates of return nave an u~pwvard bias th at produces. serious overstatement of{ the ecxomic: ra3es of return for discvery- inensive industries such as pharniacet itias. Robert Aya,,ia's mode:l, which treats advertising and R&D expenditures as capitalired investment, shows t:hat :accoutinh g -'ates o f retwn for six pharmaceutical firms are not unu~sually high .cotupared to other industries. Dalvid Shwar'txinan findaing that the expe:cted rate ofT retr froa drun R&) declined from 11.3 percent in 196) to 3.3: percent in 1972. :considers th~e causes and probable outcomes of this declinue. Patrt Three. oflers new .evid'ence on the e:ffects of government policy on drug innovation. tHarold Cly.n:me rpresents aa on trends in domes e and |oei, rg research to show that tiitW L.S. regulatry ctnate has idticed rcsearchoitensie :dru.g firms to divert more oaf their :research efforts-to ot: het countries. 1Louis L..asagna and William Watrdell, \urmarirzing thieir stu:(dy on th:,e research outpu of fift{een U:S. firms, sho w :that 'once 1 9o2 new drugs appro ved by t he FDA have represented a veiy small pdentage, of the la1rge. t .decini.g, nmber of drugs submitted for approval. 'They propose a :redefiiion of the FDA's rie to place more emphasis on the benets of drugs, in improving the treatment of illness, tna separate paper. William Warddll suiveys, the etfects of changes. in .5... . an d U.K. regulator .. p01cv.. on varios therape utic categories of drugs. Part Four considers the structure and behao of the d industry. Ledster Telscr tests theot :ics ofq market entry anod finds that prices tend! to f{all in resnonmse to* entry and that advertising :effor t is a. mean s of entry. Donglas C.o:cks, .using a. diffe'rent d|ata :base, finds that drug p.rice.s decline in response. to the indu.stry's ompetitsive R&D process. B r Kemp. focusig n the example of diuretic dru~gs. gives a detailed accout of how dru~g compan ies co>mpete thr'ough the innovative process. ISBN 978-0-8447-2062-3 111 7808 72063 191 -4 -4 ' DRUG DEVELOPMENT AND MARKETI NG fEdaed Ini Ro'berr H. I/elils

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