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Finding Cures for Tropical Diseases: Putting Innovation Economics to Work

Economics of Innovation: Econ 124/PP190-4/PP290-4. Finding Cures for Tropical Diseases: Putting Innovation Economics to Work. Stephen M. Maurer Goldman School of Public Policy Nov. 21, 2006. Theory and Practice . Teaching vs. Using. The Problem . 500 Million People

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Finding Cures for Tropical Diseases: Putting Innovation Economics to Work

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  1. Economics of Innovation: Econ 124/PP190-4/PP290-4 Finding Cures for Tropical Diseases: Putting Innovation Economics to Work Stephen M. Maurer Goldman School of Public Policy Nov. 21, 2006

  2. Theory and Practice Teaching vs. Using

  3. The Problem 500 Million People The Patent System Hasn’t Worked Selling HIV Drugs to Africa

  4. The Opportunity Bill Gates’ Troubles Virtual Pharma AdvancedMarkets Price is Everything!

  5. Basic Concepts Agency Problems – Researchers Agency Problems – Sponsors Eliciting Information Efficient Pricing

  6. The Mantra No Institution is Dominant Pick the Best Institution for The Problem Be Agnostic!

  7. New Wrinkles Efficient Pricing Revisited “Distributional Issues” Multi-Part Innovation Pay-As-You-Go or End-to-End?

  8. The Innovation Environment Basic Research Finding Targets Optimizing Targets Finding Lead Compounds Optimizing Lead Compounds Process Development Pre-Clinical Testing Phase I Tests Phase II Tests Phase III Tests Approval Manufacturing Phase IV Tests Marketing & Distribution

  9. Choices Patent Reform Harmonization & Targeted Interventions Supplementing Patents AdvancedMarkets Replacing Patents Virtual Pharma

  10. Harmonization Depends on Disease TB vs. Malaria vs. Sleeping Sickness Inadequate Reward For Research? For Entering Particular Countries? Parallel Imports

  11. Targeted Grants Virtual Pharma Strategic Investing Crowding Out

  12. AdvancedMarkets Matching Payments Independent Adjudication Committee Why Not a Prize? Hybrid Cases Politics The Patent Mystique Avoiding Choices Hidden Taxes

  13. AdvancedMarkets Is It Efficient?

  14. AdvancedMarkets Picking the Best Institutions

  15. AdvancedMarkets Getting the Best Price

  16. AdvancedMarkets Getting the Best Price (Pt. 2) Estimating the Required Reward R&D Costs The Price of Guessing Wrong

  17. AdvancedMarkets Getting the Best Price (Pt. 3) Estimating R&D Costs The Accounting Answer Drug Company Data Independent Estimates Market Arguments Is the Accounting Answer Right?

  18. AdvancedMarkets Who Gets The Savings?

  19. AdvancedMarkets The Agency Problem

  20. AdvancedMarkets Why An IAC?

  21. AdvancedMarkets Why An IAC? The Corruption Problem

  22. Virtual Pharma Choosing Institutions

  23. Virtual Pharma: Eliciting Information Basic Research Finding Targets Optimizing Targets Finding Lead Compounds Optimizing Lead Compounds Process Development Pre-Clinical Testing Phase I Tests Phase II Tests Phase III Tests Approval Manufacturing Phase IV Tests Marketing & Distribution

  24. Virtual Pharma: Institutions for Eliciting Information Targeted Investment Prizes Grants Contract Research Targeted Tax Credits Government Equity Investments Open Source Harry Fox Licenses

  25. Virtual Pharma: Agency Problems: Researchers Basic Research Finding Targets Optimizing Targets Finding Lead Compounds Optimizing Lead Compounds Process Development Pre-Clinical Testing Phase I Tests Phase II Tests Phase III Tests Approval Manufacturing Phase IV Tests Marketing & Distribution

  26. Virtual Pharma: Institutions & Agency Problems Targeted Investment Prizes Grants Contract Research Targeted Tax Credits Government Equity Investments Open Source Harry Fox Licenses

  27. Virtual Pharma: Efficient Pricing Getting the Best Price The Patent Problem Open Source & Grants Enforcing The Best Price Buying Power & Repeat Games

  28. Virtual Pharma: “Can Government Pick Winners?” Is Pharma Efficient? Shareholders Are Foundations Efficient? Some History Foundations as Shareholders?

  29. Do Hybrids Make Sense? Strategic Investing Picking Winners Splitting the Reward Politics

  30. Choices AdvancedMarkets vs. Virtual Pharma Uncertain R&D Costs Two Stage Competition Big Pharma’s Buying Power Cold-Blooded Foundations

  31. Economics of Innovation: Econ 124/PP190-4/PP290-4 Finding Cures for Tropical Diseases: Putting Innovation Economics to Work Stephen M. Maurer Goldman School of Public Policy Nov. 21, 2006

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