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Updated: May 23, 2025

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COVID-19 Biopharmaceutical Innovation and Industry Appropriation.

Tomas J Philipson1, A Mark Fendrick2, Aarushi Kataria1

  • 1The University of Chicago, Chicago, IL, USA.

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|March 10, 2025
PubMed
Summary

Medical innovations for coronavirus (COVID-19) vaccines and treatments generated substantial societal value. Innovating companies captured a small fraction, ranging from 0.2% to 4.6%, of this overall economic value.

Keywords:
COVID-19industry appropriationpharmaceutical innovation

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Area of Science:

  • Health economics
  • Medical innovation
  • Pharmaceutical industry

Background:

  • The rapid development of coronavirus (COVID-19) vaccines and therapeutics highlighted the importance of medical innovation.
  • These innovations improved patient welfare by reducing mortality and morbidity, and lessened the need for economic restrictions.

Purpose of the Study:

  • To estimate the proportion of economic value from COVID-19 medical innovations appropriated by innovating companies.
  • To compare this appropriation rate to that of other significant health innovations.

Main Methods:

  • Estimating the societal value generated by COVID-19 innovations.
  • Calculating the ratio of company earnings to the overall societal value.
  • Analyzing a wide range of counterfactual scenarios assuming no innovation to ensure robustness.

Main Results:

  • Upper-bound estimates of industry appropriation ranged from 0.2% to 4.6% of the total value generated by COVID-19 vaccine and treatment innovations.
  • These appropriation rates are significantly lower than those reported for other major health innovations.

Conclusions:

  • COVID-19 vaccines and treatments provided immense societal value, far exceeding the financial rewards captured by the companies that developed them.
  • The swift development and broad societal benefit of these innovations were remarkable.