R&D Price Inflation, Real BERD and Innovation: Pharmaceuticals, OECD 1980-2000

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Messinis, George ORCID: 0000-0002-2484-9522 (2004) R&D Price Inflation, Real BERD and Innovation: Pharmaceuticals, OECD 1980-2000. Working Paper. Victoria University, Melbourne, Australia.

Abstract

Research in pharmaceuticals suggests there is a growing imbalance in the spatial distribution of business expenditure in R&D (BERD) and R&D productivity has declined. This evidence derives from data using GDP price deflators to adjust for price inflation but Dougherty et al. (2003) show them to be inappropriate. This paper draws on economic theory and panel estimation techniques to develop Griliches-Jaffe-type R&D price deflators for the pharmaceutical industry in the OECD. The paper also re-examines the hypotheses that Europe is an innovation laggard and that R&D productivity has declined. The evidence shows Europe is not a laggard in real BERD, R&D productivity has improved throughout the OECD except Japan, and the USA has consolidated its leadership in patents and R&D productivity.

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Item type Monograph (Working Paper)
URI https://vuir.vu.edu.au/id/eprint/107
DOI No. 18
Subjects Historical > RFCD Classification > 320000 Medical and Health Sciences
Historical > FOR Classification > 1115 Pharmacology and Pharmaceutical Sciences
Historical > Faculty/School/Research Centre/Department > Centre for Strategic Economic Studies (CSES)
Keywords price inflation; pharmaceuticals; productivity; pharmaceutical industry; R&D expenditures; drugs; inflation; innovation; patents
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