Silver Book Fact

Spending $11,000 on general medical care adds an average of 1 year of life. Spending only $1,345 on pharmaceutical research and development yields the same return.

Lichtenberg, Frank R. Do (More and Better) Drugs Keep People Out of Hospitals?. American Economic Review. 1996; 86(2): 384-8

Reference

Title
Do (More and Better) Drugs Keep People Out of Hospitals?
Publication
American Economic Review
Publication Date
1996
Authors
Lichtenberg, Frank R
Volume & Issue
Volume 86, Issue 2
Pages
384-8

Categories

  • Innovative Medical Research
  • Economic Value

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