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|z 9781513570068
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Agarwal, Ruchir.
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|a What Drives Innovation? :
|b Lessons from COVID-19 R and D /
|c Ruchir Agarwal, Patrick Gaule.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2021.
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|a 1 online resource (58 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a To examine the drivers of innovation, this paper studies the global R and D effort to fight the deadliest diseases and presents four results. We find: (1) global pharmaceutical R and D activity-measured by clinical trials-typically follows the 'law of diminishing effort': id est the elasticity of R and D effort with respect to market size is about 1\2 in the cross-section of diseases; (2) the R and D response to COVID-19 has been a major exception to this law, with the number of COVID-19 trials being 7 to 20 times greater than that implied by its market size; (3) the aggregate short-term elasticity of science and innovation can be very large, as demonstrated by aggregate flow of clinical trials increasing by 38% in 2020, with limited crowding out of trials for non-COVID diseases; and (4) public institutions and government-led incentives were a key driver of the COVID-19 R and D effort-with public research institutions accounting for 70 percent of all COVID-19 clinical trials globally and being 10 percentage points more likely to conduct a COVID-19 trial relative to private firms. Overall, while economists are naturally in favor of market size as a driving force for innovation (i.e.'if the market size is sufficiently large then innovation will happen'), our work suggests that scaling up global innovation may require a broader perspective on the drivers of innovation-including early-stage incentives, non-monetary incentives, and public institutions.
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|a Mode of access: Internet
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| 650 |
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7 |
|a COVID-19
|2 imf
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| 650 |
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|a Innovation
|2 imf
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|a Market Size
|2 imf
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|a Pharmaceutical Industry
|2 imf
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|a Gaule, Patrick.
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|a IMF Working Papers; Working Paper ;
|v No. 2021/048
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2021/048/001.2021.issue-048-en.xml
|z IMF e-Library
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