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far behind the innovative manufacturing found in other industries. This lack of innovation in drug manufacturing stands in … stark contrast to the innovation present in drug discovery. Drug discovery is the focus of a calibrated innovation policy … dollars and in human lives. This article addresses the previously underappreciated role of manufacturing in innovation studies …
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Innovation policy involves trading off monopoly output and pricing today in exchange for incentives for firms to …
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The Covid-19 pandemic is estimated to have caused over 7 million deaths and reduced economic output by over $13 trillion to date. While vaccines were developed and deployed with unprecedented speed, pre-pandemic investments could have accelerated their widespread introduction, saving millions of...
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We derive the optimal funding mechanism to incentivize development and production of vaccines against diseases with epidemic potential. In the model, suppliers' costs are private information and investments are noncontractible, precluding cost-reimbursement contracts, requiring fixed-price...
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