Academic Medical Centers (AMCs)--comprising medical schools, teaching hospitals, and research laboratories)--play an important role in US biomedical innovation. The Balanced Budget Act of 1997 (BBA) changed the formula used to reimburse Medicare inpatient claims and subsidies for medical...

Perhaps because health care is a local service sector, health economists have paid little attention to international linkages between domestic health care economies. However, the growth in domestic health care sectors is often attributed to medical innovations whose returns are earned worldwide....