Getting More From Biomedical Innovation

Getting More From Biomedical Innovation



In 2018 the FDA approved a record number of new products, but pharmaceutical R&D returns have fallen to their lowest level in nine years. Biotech IPOs are still strong in an overall weakening market, but federal investment in biomedical R&D, which feeds the product and start-up pipeline, has declined almost 20 percent in real terms since 2003. How should we collectively be measuring the success of our R&D investments, and how are investment behaviors incentivized across the biomedical ecosystem? Can the economic and societal benefits of biomedical innovation outputs—from basic science to patient access—be measured from the patient perspective?

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Esther Krofah
Senior Director, FasterCures, a center of the Milken Institute



Amitabh Chandra
McCance Family Professor of Business Administration, Harvard University


Kafui Dzirasa
K. Ranga Rama Krishnan Associate Professor, Psychiatry, Duke University


Pat Furlong
President and CEO, Parent Project Muscular Dystrophy


Christopher Hite
Vice Chairman, Global Head of Healthcare, Citi


Pablo Legorreta
Founder and CEO, Royalty Pharma


Published May 29, 2019