Drugs and drug prices -- The American way to discover drugs -- The drug industry today -- Are drug companies risky? -- How not to lower drug prices -- Squandering R&D resources -- How to lower drug prices -- Our solution in detail

The debate on whether COVID-19 vaccine patents are slowing down the pace of vaccination and the recovery from the crisis has brought the optimal design of pharmaceutical patent policy to the fore. In this paper we evaluate patent policy in the US pharmaceutical industry. We estimate the effect...