Mazzucato, Mariana; Li, Henry Lishi; (2020) A market-shaping approach for the biopharmaceutical industry: governing innovation towards the public interest. (Working Paper Series: IIPP WP 2020-21). UCL Institute for Innovation and Public Purpose: London, UK.

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Abstract

Enhancing research and development, and ensuring equitable pricing and access to cuttingedge treatments, are both vital to a biopharmaceutical innovation system that works in the public interest. However, despite delivering numerous therapeutic advances, the existing system suffers from major problems: a lack of directionality to meet key needs; inefficient collaboration; high prices that fail to reflect the public contribution; and an overly financialised business model. COVID-19 has magnified and focalized these challenges. We review these problems and argue that overcoming them requires a fundamental reframing of the role of the state in innovation, from market-fixing to market co-creation and co-shaping, in which risks and rewards are shared across a symbiotic public-private relationship.

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