Measuring Biopharmaceutical Innovation in the Modern Era

Measuring Biopharmaceutical Innovation in the Modern Era

As the Inflation Reduction Act empowers Medicare to negotiate drug prices based in part on clinical benefit, and as the FDA more closely scrutinizes accelerated approvals, a fundamental question has become increasingly important: what exactly constitutes “innovation” in biopharma? To date, our answers have largely focused on counting—company R&D investment, drug approvals, and patents. But such metrics can favor quantity over quality, making it …