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Do firms underinvest in long-term research? Evidence from cancer clinical trials.

ABSTRACT: We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials - and hence, project durations - are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show private research investments are distorted away from long-term projects. The value of life-years at stake appears large. We analyze three potential policy responses: surrogate (non-mortality) clinicaltrial endpoints, targeted R&D subsidies, and patent design.

SUBMITTER: Budish E

PROVIDER: S-EPMC4557975 | biostudies-literature | 2015 Jul

REPOSITORIES: biostudies-literature

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Do firms underinvest in long-term research? Evidence from cancer clinical trials.

Budish Eric E Roin Benjamin N BN Williams Heidi H

The American economic review 20150701 7

We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials - and hence, project durations - are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show ...[more]

PMID: 26345455

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