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13 - Pharmaceutical Innovation and Health Outcomes: Empirical Evidence from Taiwan

Published online by Cambridge University Press:  18 December 2009

Chee-Ruey Hsieh
Affiliation:
Academia Sinica, Taipei
Kuang-Ta Vance Lo
Affiliation:
National Chengchi University, Taipei
Yichen Hong
Affiliation:
Chinese Culture University, Taipei
Ya-Chen Tina Shih
Affiliation:
University of Texas
Frank A. Sloan
Affiliation:
Duke University, North Carolina
Chee-Ruey Hsieh
Affiliation:
Academia Sinica, Taipei, Taiwan
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Summary

Introduction

Each year new pharmaceutical products are introduced as a consequence of technological advances. For example, in the United States, between 1990 and 2004, the U.S. Food and Drug Administration approved 431 new drugs with new molecular entities (NMEs). On average, nearly 29 NMEs are introduced in the U.S. pharmaceutical market annually. These new drugs extend the capability of medicine to treat diseases. New drugs developed in the United States and other high-income countries are often soon introduced in other countries, particularly if the new drug is a life-saving innovation or represents a substantial improvement over existing drugs. Improving the public's health of population is a universal goal around the world, albeit limited by many countries' ability to afford the most recently developed pharmaceuticals.

Adopting new and more effective drugs is costly. In recent years the growth rate of spending on pharmaceuticals in many countries has far exceeded the growth rate of overall health spending. Taking the median of OECD (Organization for Economic Cooperation and Development) countries as an example, during 1990–2000 the average annual growth rate of spending per capita on pharmaceuticals was 4.5%, while the average annual growth rate of health care expenditure per capita was only 3.1% (Anderson et al. 2003). As a result, increased spending on pharmaceuticals has become a major driving force of rising personal health care expenditures in many countries.

Type
Chapter
Information
Pharmaceutical Innovation
Incentives, Competition, and Cost-Benefit Analysis in International Perspective
, pp. 242 - 261
Publisher: Cambridge University Press
Print publication year: 2007

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