We investigate whether private research investments are distorted away from long-term
projects. Our theoretical model highlights two potential sources of this distortion: short …

We quantify the impact of scientific grant funding at the National Institutes of Health (NIH) on
patenting by pharmaceutical and biotechnology firms. Our article makes two contributions …

This paper analyzes how pharmaceutical research and development (R&D) investment
responds to publicly supported biomedical research performed mainly at universities and …

Scientists and policy-makers have long argued that public investments in science have
practical applications. Using data on patents linked to US National Institutes of Health (NIH) …

Although patent systems have been widely used both historically and internationally, there is
nonetheless a tremendous amount of controversy over whether patent systems, in practice …

What are the respective roles of the public and private sectors in drug development? This
question is at the heart of some policy proposals, such as those that would give the …

This paper examines the relationship between basic and applied pharmaceutical research.
We focus on three stages of research and development (R & D): government‐funded basic …

We review the recent literature on financing biomedical innovation, with a specific focus on
the drug development process and how it may be enhanced to improve outcomes. We begin …

We evaluate whether public research subsidies are complements or substitutes to the
private R&D spending of large firms. Combining data on the EC's three most recent …

We explore a financial returns dimension of the exploration–exploitation dilemma. Using
1277 R&D announcements by 178 listed bio-pharmaceutical firms, we examine whether …