Are high drug prices necessary for biopharmaceutical innovation? Evidence on industry spending and new drugs’ benefits suggest not

Abstract: Biopharmaceutical companies frequently argue that research and development costs justify the high prices of new medicines, but Angelis and colleagues question this claim after examining what companies spend money on. They find that companies prioritise selling, general and administrative activities and share buybacks over research and development, while the number of truly innovative medicines remains low.

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