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Lecture 22 07 Final

Lecture 22 07 Final - EEP 143 Lecture 22 Institutions and...

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Unformatted text preview: EEP 143 Lecture 22 Institutions and Innovations • Outline: – First: a note on quiz Q4 – Linear model of innovation – Federal R&D – University R&D – EBI Initiative – Benefits of the “Industry-University Complex” Quiz Q4: Drastic process Innovation • What are increases profits due to process innovation? 1. If inventor monopolized the production process? 2. If the pre-invention process is available at marginal cost c? D P Q MR c c' p' m Π' p m Π Quiz Q4: Drastic process Innovation D P Q MR c c' p' m Π' p m Π What are increases profits due to process innovation? If inventor monopolized the production process? Π' – Π If the pre-invention process is available at marginal cost c? Π' Innovation: The traditional Linear Model Simple Version 1. Basic research 2. Applied research 3. Invention 4. Development 5. Commercialization Innovation: The traditional Linear Model: More detail 1. Science and technology base 2. Basic research 3. Applied research 4. Invention 5. Prototype 6. Development 7. Commercialization 8. Diffusion Example of traditional Linear Model: New Drug 1. Science base: state of the art in chemistry, biology, etc. 2. Basic research: • chemistry, microbiology, genetics 3. Applied research: • synthesize and screen compounds 4. Invention • Identify compound with desired effect in lab 5. Prototype • Compound formulated for lab testing 6. Development • Phase I clinical trials • Phase II clinical trials • Phase III clinical trials 7. Commercialization • Formulation, dosage choices, packaging, marketing 8. Diffusion • Sponsor trials, conferences, detailing MDs, consumer advertising Example of traditional Linear Model: New Drug 1. Science base: state of the art in chemistry, biology, etc. 2. Basic research: • chemistry, microbiology, genetics 3. Applied research: • synthesize and screen compounds 4. Invention • Identify compound with desired effect in lab 5. Prototype • Compound formulated for lab testing Example of traditional Linear Model: New Drug 6. Development • Phase I clinical trials • Phase II clinical trials • Phase III clinical trials 7. Commercialization • Formulation, dosage choices, packaging, marketing 8. Diffusion • Sponsor trials, conferences, detailing MDs, consumer advertising Where are the largest expenses? Example of traditional Linear Model: new software...
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Lecture 22 07 Final - EEP 143 Lecture 22 Institutions and...

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