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The Economic Value of Medical Research

The Economic Value of Medical Research

Chapter:
(p.41) Chapter Two The Economic Value of Medical Research
Source:
Measuring the Gains from Medical Research
Author(s):
Kevin M. Murphy, Robert H. Topel
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226551791.003.0003

This chapter evaluates the economic benefits of investing in medical research. It proposes a framework for valuing improvements in health and progress against disease, against which the costs of producing new medical knowledge and delivering health care can be compared. The analysis suggests that the potential gains from further improvements in health care are also extremely large. For example, it is estimated that reducing deaths from heart disease by 10 percent would generate approximately $5.1 trillion in economic value, while reducing cancer death rates would be worth roughly $4.4 trillion.

Keywords:   medical research, economic benefits, health care delivery, heart disease, cancer, economic value

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