NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Missing Novelty in Drug Development

Joshua L. Krieger, Danielle Li, Dimitris Papanikolaou

NBER Working Paper No. 24595
Issued in May 2018, Revised in January 2019

---- Acknowledgments ----

Previously circulated as “Developing Novel Drugs.” We are grateful to Jason Abaluck, Leila Agha, Pierre Azoulay, Amitabh Chandra, Iain Cockburn, Leemore Dafny, Carola Frydman, Shane Greenstein, Tal Gross, Jonathan Gruber, Jennifer Kao, Borja Larrain, Monty Krieger, Patrick McCarren, Prescott Murphy, Ramana Nanda, Nicholson Price, Fiona Scott-Morton, Amit Seru, Kelly Shue, Ariel Stern, Michael Weisbach, Heidi Williams, Michael Serrano-Wu, Motohiro Yogo, Joshua Graff Zivin, and numerous seminar participants for helpful comments and suggestions. We also thank Descartes Holland, Jiaheng Yu, and Shumiao Ouyang for outstanding research assistance. We also thank Duncan Gilchrist and Bhaven Sampat for generously sharing drug patent data, as well as Laurie Jacquet and Léa Toulemon for sharing their data on Amélioration du Service Medical Rendu scores. Previous versions of this paper appeared under the titles “Financing Novel Drugs” and “Developing Novel Drugs.” Krieger and Li acknowledge funding from the National Institute on Aging under Award Number R24AG048059 to the National Bureau of Economic Research. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health or NBER.

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