Thursday, February 10, 2005

Does it really cost 800 million dollars to develop a new pill?

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Estimating the Costs of New Drug Development: Is it really $802m?:

" Abstract:
This paper replicates DiMasi et al (2003) drug development cost estimates using their published survey cost estimates along with information from a publicly available data set. The results suggest that the expected cost of developing the average drug is even higher than the DiMasi et al (2003) estimate of $802m (in 2000 dollars). The paper estimates the capitalized out-of-pocket cost per new drug to be between $839m and $868m (in 2000 dollars). The paper similarly estimates the expected cost of the average new drug with certain characteristics such as primary indication. It is shown that the expected cost of developing the average HIV/AIDS drug is $479m, while the expected cost of developing the average rheumatoid arthritis drug is twice that, at $936m.
...[continues]..." "

PDF (184k)

[Via Marginal Revolution]



Wednesday, February 2, 2005

Medical Bills, Lost Income Due to Illness, and Bankruptcy

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Health Affairs: MarketWatch--Illness And Injury As Contributors To Bankruptcy:

" "In 2001, 1.458 million American families filed for bankruptcy. To investigate medical contributors to bankruptcy, we surveyed 1,771 personal bankruptcy filers in five federal courts and subsequently completed in-depth interviews with 931 of them. About half cited medical causes, which indicates that 1.9-2.2 million Americans (filers plus dependents) experienced medical bankruptcy. Among those whose illnesses led to bankruptcy, out-of-pocket costs average $11,854 since the start of illness; 75.7 percent had insurance at the onset of illness. Medical debtors were 42 percent more likely than other debtors to experience lapses in coverage. Even middle-class insured families often fall prey to financial catastrophe when sick." "

[Via Science Blog - Science News Stories]

Tort System Costs

I'm posting these data mainly so I'll be able to find them again at a later date, but others might find the numbers useful as well.

" The tort system now costs every man, woman, and child in America an average of $845 a year, almost 10 times the inflation-adjusted $91 per capita it cost in 1950. The $246 billion-a-year total comes to 2.2 percent of America's gross domestic product -- more than triple the 0.6 percent in the United Kingdom and more than double the 0.8 percent in Japan, France, and Canada. And as of 2002, only 22 percent of all tort costs went to compensate alleged victims' out-of-pocket losses; 24 percent went to pay for non-economic losses such as pain and suffering; 19 percent went to plaintiffs' lawyers; 14 percent went to defense costs; and 21 percent went to insurance overhead. "

I found this section in Better Justice: Bush's Missed Opportunity, which is quoting U.S. Tort Costs:2004 Update Trends and Findings on the Cost of the U.S. Tort System.

tortcosts.jpg



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