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Pharmaceutical Knowledge-Capital Accumulation and Longevity

Pharmaceutical Knowledge-Capital Accumulation and Longevity

(p.237) 7 Pharmaceutical Knowledge-Capital Accumulation and Longevity
Measuring Capital in the New Economy
Frank R. Lichtenberg
University of Chicago Press

This chapter evaluates the contribution of pharmaceutical research and development (R&D) to longevity increase by analyzing the relationship between Food and Drug Administration (FDA) approvals of new molecular entities and changes in the age distribution of deaths from all diseases, using longitudinal disease-level data. It explains the measurement of pharmaceutical knowledge-capital accumulation and proposes an econometric model of the effect of pharmaceutical knowledge-capital accumulation on the age distribution of deaths. The findings reveal that the estimates indicated that approval of standard-review drugs has no effect on longevity, but that approval of priority-review drugs has a significant positive impact on longevity.

Keywords:   pharmaceutical R&D, longevity increase, FDA, new molecular entities, age distribution, knowledge-capital accumulation, econometric model, priority-review drugs, longevity

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