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      Technology spillovers and capital gains in corporate venture capital investments: evidence from the biopharmaceutical industry

      1 , 2 , 2
      Venture Capital
      Informa UK Limited

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          Absorptive Capacity: A New Perspective on Learning and Innovation

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            In Search of Complementarity in Innovation Strategy: Internal R&D and External Knowledge Acquisition

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              The price of innovation: new estimates of drug development costs.

              The research and development costs of 68 randomly selected new drugs were obtained from a survey of 10 pharmaceutical firms. These data were used to estimate the average pre-tax cost of new drug development. The costs of compounds abandoned during testing were linked to the costs of compounds that obtained marketing approval. The estimated average out-of-pocket cost per new drug is 403 million US dollars (2000 dollars). Capitalizing out-of-pocket costs to the point of marketing approval at a real discount rate of 11% yields a total pre-approval cost estimate of 802 million US dollars (2000 dollars). When compared to the results of an earlier study with a similar methodology, total capitalized costs were shown to have increased at an annual rate of 7.4% above general price inflation. Copyright 2003 Elsevier Science B.V.
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                Author and article information

                Contributors
                (View ORCID Profile)
                Journal
                Venture Capital
                Venture Capital
                Informa UK Limited
                1369-1066
                1464-5343
                April 03 2021
                February 26 2021
                April 03 2021
                : 23
                : 2
                : 129-155
                Affiliations
                [1 ]Department of Management, Campbell School of Business, Berry College, Mount Berry, GA, USA
                [2 ]Naveen Jindal School of Management, University of Texas at Dallas, Richardson, TX, USA
                Article
                10.1080/13691066.2021.1894749
                05a7671b-8bab-4e41-ad02-b6818c61278c
                © 2021
                History

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