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The Economics of New Health TechnologiesIncentives, organization, and financing$
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Joan Costa-Font, Christophe Courbage, and Alistair McGuire

Print publication date: 2009

Print ISBN-13: 9780199550685

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199550685.001.0001

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Ageing and pharmaceutical innovation

Ageing and pharmaceutical innovation

(p.149) Chapter 9 Ageing and pharmaceutical innovation
The Economics of New Health Technologies

Roland Eisen

Yasemin Ilgin

Oxford University Press

This chapter asks whether elderly people only spend more on pharmaceuticals to have an easier life, or whether the pharmaceutical industry reacts to this trend of ‘population greying’ by directing research and development (R&D) of new pharmaceuticals in this direction. It outlines a general way in which the process of innovation might be conceptualized, stressing the importance of ‘induced innovations’. It develops the hypothesis that as the proportion of elderly in a population rises, not only the share of pharmaceutical expenditure rises, but also the share of pharmaceutical R&D devoted to this part of the population. With the help of a simple econometric model, the chapter tests this hypothesis and present some results.

Keywords:   elderly, pharmaceutical expenditures, health care expenditures, population greying, pharmaceutical R&D, econometric model

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