The Medical Innovation Prize Fund

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All of the content on medical innovation prizes has been moved to the KEI web page on innovation prizes.
Medical Innovation Prize Fund

Prizes for Medical Innovation

"The current system of financing research and development (R&D) for new medicines is deeply flawed by the impact of high prices on access to medicine, the wasteful spending on marketing and R&D for medically unimportant products, and the lack of investment in areas of greatest public interest and need. It can and should be replaced with something better.

"The system for financing new drug development can be radically improved, spending spend less overall, aligning investment incentives more efficiently, while making drugs available to everyone at cheap generic prices.

"Reforming the way we pay for R&D on new medicines involves a simple but powerful idea. Rather than give drug developers the exclusive rights to sell products, the government would award innovators money: large monetary “prizes” tied to the actual impact of the invention on improvements in health care outcomes that successful products actually deliver.

  • Recent Publications

  • March 26, 2007. James Love and Tim Hubbard. The Big Idea: Prizes to Stimulate R&D for New Medicines. KEI Research Paper 2007:1.

    March 1, 2007. Benjamin Krohmal. Prominent Innovation Prizes and Reward Programs. KEI Research Note 2007:1.

    March, 2007. James Love. Measures to Enhance Access to Medical Technologies, and New Methods of Stimulating Medical R&D. UC Davis Law Review. 40(3):679-715.

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