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Due to the high levels of uncertainty associated with internal product development a number of pharmaceutical companies use acquisitions to gain access to new products.
Each year, the US pharmaceutical industry develops dozens of new drugs that offer valuable medical benefits. Many of these drugs are expensive, contributing to increased medical costs in the private sector and the federal government.
Policymakers have been considering steps to lower drug prices and reduce federal drug spending. Such policies may reduce industry incentives to develop new drugs. In this report, the Congressional Budget Office assesses drug research and development (R&D) spending and trends in new drug introductions.
The CBO also examines the factors that determine how many pharmaceutical companies spend on research and development. New drug development costs. Federal policies affect the demand for drug therapy, the supply of new drugs, or both.
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