Biomedical Innovation Law and Policy (3011): Why don't we have an HIV vaccine, or a cure for Alzheimer's disease? Why weren't we better prepared for the COVID-19 pandemic? Why do vast inequalities persist in who has access to biomedical innovations, and in what kinds of innovations are brought to market? In this seminar we will examine the economics of biomedical R&D and the legal institutions that are designed to incentivize and allocate access to new advances, with an emphasis on drugs and vaccines. We will consider legal tools including patents and other intellectual property, FDA-administered regulatory exclusivity, prizes, grants, tax incentives, and subsidized health insurance. The current U.S. policy mix of innovation incentives and access allocation mechanisms is far from perfect, and students will have the opportunity to discuss reform proposals with experts involved in real-world biomedical innovation in different sectors. There are no prerequisites, and no scientific or economic background is required. Elements used in grading: class participation, attendance, and short writing assignments.
Law and Economics of Biomedical Innovation (3011): Why don't we have an HIV vaccine, or a cure for Alzheimer's disease? Why weren't we better prepared for a pandemic? A variety of evidence suggests market incentives -- such as provided by policies ranging from patent law to public health insurance -- are a critical determinant of which potential technologies successfully make the transition from the lab to the market. This course articulates the key market failures justifying government intervention in biomedical innovation markets, reviews theory and evidence on the legal instruments governments use to intervene in these markets, and considers leading proposals for legal reform. We close by discussing links between biomedical innovation and inequality. No prerequisites. Elements used in grading: class participation, attendance, and short writing assignments. Cross-listed with ECON 48.
2021-2022 WinterSchedule No Longer AvailableThis class section has been cancelled!