Pharmacy benefit management companies (PBMs) have evolved over the past decade in response to the increased demand for health care cost containment. Their activities include the implementation of drug formularies and the negotiation of rebates from manufacturers. Our analysis of this industry is...

The pharmaceutical industry has an outstanding record of innovative performance over the past 50 years. The R&D process has become more knowledge-based and a market for innovation has emerged between research start-ups, development-stage firms, and the larger, multinational companies. At the...

This study examines the relationships between firm size, R&D costs and output in the pharmaceutical industry. Project-level data from a survey of 12 US-owned pharmaceutical firms on drug development costs, development phase lengths and failure rates are used to determine estimates of the R&D...