Enhancing research and development and ensuring equitable pricing and access to cutting-edge 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-financialized business model.
Mazzucato, M., & Li, H. L. (2021). A Market Shaping Approach for the Biopharmaceutical Industry: Governing Innovation Towards the Public Interest. The Journal of Law, Medicine & Ethics : A Journal of the American Society of Law, Medicine & Ethics, 49(1), 39–49. https://doi.org/10.1017/jme.2021.8