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Paper

Patents, Data Exclusivity, and the Development of New Drugs

MPS-Authors
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Gaessler,  Fabian
MPI for Innovation and Competition, Max Planck Society;

External Resource

https://rationality-and-competition.de/wp-content/uploads/discussion_paper/176.pdf
(Preprint)

http://dx.doi.org/10.2139/ssrn.3401226
(Preprint)

https://doi.org/10.1162/rest_a_00987
(Publisher version)

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Citation

Gaessler, F., & Wagner, S. (2019). Patents, Data Exclusivity, and the Development of New Drugs. CRC Discussion Paper, No. 176.


Cite as: https://hdl.handle.net/21.11116/0000-0005-5CD9-0
Abstract
Pharmaceutical firms typically enjoy market exclusivity for new drugs from concurrent protection of the underlying invention (through patents) and the clinical trials data submitted for market approval (through data exclusivity). Patent invalidation during drug development renders data exclusivity the
sole source of protection and shifts the period of market exclusivity at the project level. In instrumental variables regressions we quantify the effect of a one-year reduction in expected market exclusivity on the
likelihood of drug commercialization. The effect is largely driven by patent invalidations early in the drug development process and by the responses of large originators. We hereby provide first estimates of the responsiveness of R&D investments to market exclusivity expectations.