Corporate Capital and (De)Monopolization of Public Health in the USA: An Institutionalist Perspective. Issue 2 (3rd April 2022)

• Record Type: Journal Article
• Authors: Josifidis, Kosta; Supic, Novica
• Is Part Of: Journal of economic issues. Volume 56:Issue 2(2022)
• Page Start: 378
• Page End: 386
• Publication Date: 2022-04-03
• Subjects: public health -- pharmaceutical industry -- USA -- corporate capital -- Original Institutional Economics; B52 -- H51 -- O30; Economics -- Periodicals; Economics; Économie politique -- Périodiques; Economie; ECONOMICS; ECONOMIC POLICY; Periodicals; 330.05
• DOI: 10.1080/00213624.2022.2055946
• Languages: English
• ISSNs: 0021-3624

Abstract

Abstract: From the original institutional economics perspective, this article discusses the patent-driven R&D models and public support to the pharmaceutical industry that is linked to a rising monopoly power of corporate capital over public health in the USA. Using the U.S. historical health data, we analyze the effects of institutional changes, shaped by large corporate capital, on public health outcomes in terms of accessibility and affordability of the medical advances arising from R&D. The analysis reveals that private returns from publicly funded R&D is higher than its social returns, despite a growing public interest in providing more comprehensive medical coverage.