This paper studies the spread of the Black Death as a proxy for the flow of medieval trade between 1346 and 1351. The Black Death struck most areas of Europe and the wider Mediterranean. Based on a modified version of the gravity model, we estimate the speed (in kilometers per day) of...

Annual worldwide spending on medicines is anticipated to exceed $1.2 trillion by 2016. Developing countries, and particularly so-called emerging markets, will account for a substantial portion of the growth in spending on medicines. A good part of global market demand will be satisfied by...