Financial intermediation and the funding of biomedical innovation: A review |
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| Affiliation: | 1. MIT Sloan School of Management, Laboratory for Financial Engineering (LFE), Computer Science and Artificial Intelligence Laboratory (CSAIL), and NBER, United States;2. University of Minnesota – Carlson School of Management and MIT LFE, United States;1. Lally School of Management at Rensselaer Polytechnic Institute, 110 8th Street, Troy, NY 12180, United States;2. University of Wisconsin–River Falls, 212C South Hall, 410 S. Third Street, River Falls, WI 54022, United States |
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| Abstract: | We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature—underinvestment in biomedical R&D—and focus on the role that banks and other intermediaries can play in financing biomedical R&D and potentially closing this funding gap. We conclude with a discussion of the role of financial intermediation in the delivery of healthcare to patients. |
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