This week's US Economic Experts Panel statements:
A) Removing intellectual property protections on Covid-19 vaccines would substantially improve availability of the vaccines in developing countries.
B) Removing intellectual property protections on Covid-19 vaccines would have a negative impact on vaccine development efforts for future variants of SARS-CoV-2 or for the next pandemic.
C) Without an international agreement that facilitates vaccine trade, countries’ incentives to limit exports of vaccines and/or key production inputs are likely to prolong the adverse effects of the pandemic in advanced countries.
Keyword: innovation
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This week's European Economic Experts Panel statement:
Strong competition from foreign producers is likely to encourage greater private sector expenditure on research and development in the home market.
An executive order by President Trump in late June has suspended a range of visas for skilled workers. We invited our panel to express their views on the potential impact of the visa ban on US leadership in science and innovation; on the attractiveness of US universities for foreign students; and on the location of corporate research facilities.
This week’s IGM European Economic Experts Panel statements:
A) Given the social and regulatory pressures to keep prices down for drugs and vaccines to treat Covid-19, the financial incentives for pharmaceutical companies to invest in such products are below the value of the investment to society.
B) Government commitments to pay developers and manufacturers above average costs for an effective vaccine or drug treatments for Covid-19 would accelerate production.
C) Given the positive externalities from vaccination, an effective Covid-19 vaccine should have priority in public healthcare funding even in countries where other diseases cause more death and disability.
This week’s IGM Economic Experts Panel statements:
A) Given the social and regulatory pressures to keep prices down for drugs and vaccines to treat Covid-19, the financial incentives for pharmaceutical companies to invest in such products are below the value of the investment to society.
B) Government commitments to pay developers and manufacturers above average costs for an effective vaccine or drug treatments for Covid-19 would accelerate production.
C) Given the positive externalities from vaccination, an effective Covid-19 vaccine should be mandatory for every US resident (except those with health exceptions, such as infants and people with compromised immunity) with the cost covered by the federal government.
This week’s IGM European Economic Experts Panel statements:
A) Europeans would benefit more from an extra €1 billion of public R&D spent through existing (public) channels than from an extra €1 billion of private R&D spent through existing (private) channels, all else equal.
B) Europeans would benefit more from an extra €1 billion of public medical research spent through existing (public) channels than from an extra €1 billion of private medical research spent through existing (private) channels, all else equal.
This week's IGM European Economic Experts Panel statement:
Ideas are nonrival, so increasing returns to scale is an essential feature of technological change in a market economy.
This week's IGM Economic Experts Panel statement:
Ideas are nonrival, so increasing returns to scale is an essential feature of technological change in a market economy.
This week's IGM European Economic Experts Panel Statement:
Over the past two years, all else equal, the appeal of the US as a destination for immigrants has changed in ways that will likely decrease innovation in the US economy.
This week's IGM Economic Experts Panel statement:
Over the past two years, all else equal, the appeal of the US as a destination for immigrants has changed in ways that will likely decrease innovation in the US economy.
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