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ERIC Number: EJ873448
Record Type: Journal
Publication Date: 2006
Pages: 10
Abstractor: As Provided
Reference Count: 17
ISBN: N/A
ISSN: ISSN-1741-8887
Investments in Global Health: Private and Public Innovation Systems of Essential Pharmaceuticals
Rantanen, Tiina-Riitta
E-Learning, v3 n3 p494-503 2006
In recent years the scope and application of intellectual property rights has been expanded remarkably in the area of medical research and development. This has strengthened the role of the private sector in developing and producing new medicinal drugs. However, medical research is usually close to a pure public good and thus not efficiently produced by private firms. One rationale for the role of the public sector in financing medical research and development involves market failures such as imperfect competition among suppliers and externalities. Another justification for government intervention is inequality--a private market for medical research could be Pareto efficient, providing or even developing no medicines to members of the population who are too poor to pay for them. The main objective of this article is to analyse and compare the effects of private and public innovation systems in medical research and development on global health levels using the theory of (global) public goods as a tool of the analysis. (Contains 5 notes.)
Symposium Journals. P.O. Box 204, Didcot, Oxford, OX11 9ZQ, UK. Tel: +44-1235-818-062; Fax: +44-1235-817-275; e-mail: subscriptions@symposium-journals.co.uk; Web site: http://www.wwwords.co.uk/elea
Publication Type: Journal Articles; Reports - Evaluative
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A