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Unpacking the effects of adverse regulatory events: Evidence from pharmaceutical relabeling

机译:解开不利监管事件的影响:来自药物抢购的证据

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摘要

We provide causal evidence that regulation induced product shocks significantly impact aggregate demand and firm performance in pharmaceutical markets. Event study results suggest an average loss between $569 million and $882 million. Affected products lose, on average, $186 million over their remaining effective patent life. This leaves a loss of between $383 million and $696 million attributable to declines in future innovation. Our findings complement research that shows drugs receiving expedited review are more likely to suffer from regulation induced product shocks. Thus, it appears we may be trading off quicker access to drugs today for less innovation tomorrow. Results remain robust to variation across types of relabeling, market sizes, and levels of competition.
机译:我们提供了监管诱导产品冲击的因果证据,显着影响药品市场的总需求和坚实的性能。事件研究结果表明平均损失在5.69亿美元和8.82亿美元之间。受影响的产品平均失去了1.86亿美元,其剩余的有效专利生命。这一损失在3.83亿美元至6.96亿美元之间,占未来创新的下降。我们的调查结果补充研究表明接受加急审查的药物更有可能遭受调节诱导的产品冲击。因此,它似乎我们可能会更快地交易今天的毒品,明天较少的创新。结果对依次依赖的类型,市场规模和竞争水平的变化仍然坚固。

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