Law and Economics of Biomedical Innovation

Why don't we have an HIV vaccine, or a cure for Alzheimer's disease? Why weren't we better prepared for a pandemic? A variety of evidence suggests market incentives - such as provided by policies ranging from patent law to public health insurance - are a critical determinant of which potential technologies successfully make the transition from the lab to the market. This course articulates the key market failures justifying government intervention in biomedical innovation markets, reviews theory and evidence on the legal instruments governments use to intervene in these markets, and considers leading proposals for legal reform. We close by discussing links between biomedical innovation and inequality. No prerequisites. Elements used in grading: class participation, attendance, and short writing assignments. Undergraduates: letter grade only.