TY - JOUR
T1 - The economic benefits of pharmaceutical innovations
T2 - The case of cox-2 inhibitors
AU - Garthwaite, Craig L.
PY - 2012/7/1
Y1 - 2012/7/1
N2 - Despite dramatic improvements in medical technology, little attention has been paid to the role of these innovations in improving economic outcomes. This study estimates the labor supply effects of Cox-2 inhibitors, a widely prescribed class of pharmaceuticals used for the treatment of chronic pain and inflammation and primarily marketed under the brand names Vioxx, Celebrex, and Bextra. This paper exploits the removal of Vioxx from the market in 2004 as an exogenous change in drug use. This removal was associated with a 0.35 percentage point decrease in overall labor force participation and $19 billion in lost wages.
AB - Despite dramatic improvements in medical technology, little attention has been paid to the role of these innovations in improving economic outcomes. This study estimates the labor supply effects of Cox-2 inhibitors, a widely prescribed class of pharmaceuticals used for the treatment of chronic pain and inflammation and primarily marketed under the brand names Vioxx, Celebrex, and Bextra. This paper exploits the removal of Vioxx from the market in 2004 as an exogenous change in drug use. This removal was associated with a 0.35 percentage point decrease in overall labor force participation and $19 billion in lost wages.
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U2 - 10.1257/app.4.3.116
DO - 10.1257/app.4.3.116
M3 - Article
AN - SCOPUS:84866788354
VL - 4
SP - 116
EP - 137
JO - American Economic Journal: Applied Economics
JF - American Economic Journal: Applied Economics
SN - 1945-7782
IS - 3
ER -