pharmaceutical innovation as a process of creative destruction by frank r lichtenberg columbia university and national bureau economic research february 1998 graduate school business 726 uris hall 3022 broadway new york ny 10027 phone 212 854 4408 fax 316 9355 e mail edu i am grateful to dr judith jones the degge group richard levy council my finance economics colleagues at for helpful discussions responsible any errors 1 abstract schumpeter argued that plays central role in capitalist economies can be characterized development products processes creates enormous value society but may also undermine or destroy existing organizations markets institutions this is an econometric study industry sector which both pervasive very well documented due fda regulation first we examine impact introduction drugs on demand old total size market find
