Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry

Acemoglu, Daron; Linn, Joshua

doi:10.1162/0033553041502144

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Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry

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Abstract

This paper investigates the effect of (potential) market size on entry of new drugs and pharmaceutical innovation. Focusing on exogenous changes driven by U. S. demographic trends, we find a large effect of potential market size on the entry of nongeneric drugs and new molecular entities. These effects are generally robust to controlling for a variety of supply-side factors and changes in the technology of pharmaceutical research.

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Market Size in Innovation: Theory and Evidence from the Pharmaceutical Industry

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