Dranove, David; Meltzer, David - In: RAND Journal of Economics 25 (1994) 3, pp. 402-423
Since the Food and Drug Administration (FDA) Amendments of 1962, the average time from a drug's first worldwide patent application to its approval by the FDA has risen from 3.5 to 13.5 years. FDA policies and manufacturers' incentives suggest that more important drugs may have reached the market...