The Effect of FDA Advisories on Branded Pharmaceutical Firms' Valuations and Promotion Efforts
NBER Working Paper No. 17528
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This work has been supported by The University of Chicago Program on Pharmaceutical Policy (Conti), the National Cancer Institute (Conti), the Agency for Healthcare Research and Quality (K08 HS15699-01A1, Alexander), and a Robert Wood Johnson Foundation Investigator Award in Health Policy Research (Huskamp). The funding sources had no role in study design or conduct; collection, management, analysis, or interpretation of the data; or preparation, review, or final manuscript approval. The authors gratefully acknowledge E. Ray Dorsey and G. Caleb Alexander for their review of the clinical content of the analysis and comments on previous drafts. Comments by participants in the Health Economics Workshop and the Department of Health Studies Research in Progress Workshop at The University of Chicago and the Food and Drug Administration's Office of Surveillance and Epidemiology Safety Seminar (May 19, 2011) are gratefully acknowledged. Wharton Research Data Services (WRDS) was used to retrieve stock market data. This service and the data available thereon constitute valuable intellectual property and trade secrets of WRDS and/or its third-party suppliers. The statements, findings, conclusions, views, and opinions contained and expressed herein are based in part on data obtained under license from the IMS Health Incorporated information services: Integrated Promotional Services™ (2004-2006) and the National Disease and Therapeutic Index™ (NDTI). All Rights Reserved. The statements, findings, conclusions, views, and opinions contained and expressed herein are those of the authors and are not necessarily those of the research sponsors, the National Bureau of Economic Research, the institutions with whom the authors are affiliated, of IMS Health Incorporated or any of its affiliated or subsidiary entities. Expert research assistance was provided by Anna Zelivianskaia, Ravi Gupta and Arielle Bernstein.