Private and Social Returns to R&D: Drug Development and Demographics

Research and development (R&D) by pharmaceutical firms focuses disproportionately on medical conditions afflicting the elderly. The proportion of R&D spending targeting older age groups is increasing over time. Even though these investments in R&D prolong life expectancy and improve quality of life, they have little effect on measured productivity and output growth. [Author: by Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou, and Joshua Krieger]
Tags: College, Dimitris Papanikolaou, Joshua Krieger, by Efraim Benmelech, Janice Eberly, and Joshua Krieger

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