Innovation policy involves trading off monopoly output and pricing in the short run in exchange for incentives for …

This paper explores the economic incentives for medical procedure innovation. Using a proprietary dataset on billing … code applications for emerging medical procedures, we highlight two mechanisms that could hinder innovation. First, the … administrative hurdle of securing permanent, reimbursable billing codes substantially delays innovation diffusion. We find that …

Pharmaceutical innovation policy involves managing a tradeoff between high prices for new products in the short … pharmaceuticals, suggesting low(er) price markets may have different dynamics with respect to innovation policy …