The Impact of Stronger Property Rights in Pharmaceuticals on Innovation in Developed and Developing Countries

Abstract

An instrumental variable econometric model is specified to investigate how changes in a country’s patent protection for pharmaceutical innovations are related to patent awards from the U.S. Patent and Trademark Office to the country’s applicants. We use a new measure of patent protection for pharmaceutical innovations, the PIPP Index, to account for cross-country variation in pharmaceutical protection. Using GMM and other IV estimators, we find that stronger pharmaceutical patent protection in the applicant’s home country does not increase the number of U.S. pharmaceutical patents awarded to developed and developing country inventors.

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