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Policy Study A Study on Effective Innovation Policy: Focusing on Vaccine R&D December 31, 2021

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Series No. 2021-11

Policy Study KOR A Study on Effective Innovation Policy: Focusing on Vaccine R&D #Technology Innovation and Start-up #Health Economics
DOIhttps://doi.org/10.22740/kdi.ps.2021.11 P-ISBN979-11-5932-692-9 E-ISBN9791159327056

December 31, 2021

  • KDI
    SIM, Kyoungbo
Summary
Vaccines can be an effective means to cope with infectious diseases from a social point of view, but investment by private firms in the development of new vaccines could be suboptimal. First, this study briefly discusses a typical vaccine development process and the characteristics of a vaccine product to explain the causes of this market failure.

Next, this study analyzes the optimal use of ‘push incentives’ and ‘pull incentives’ to enhance R&D incentives for a vaccine development firm. More specifically, here, push incentives can lower R&D costs and alleviate the firm’s financing constraint (regardless of R&D result); pull incentives can raise the level of reward from a successful R&D result. This study shows that (i) it is optimal to use only push incentives if the firm faces severe financing constraints, and the social planner’s budget is relatively small; (ii) It is optimal to use both push and pull incentives if the firm faces severe financing constraints, and the social planner’s budget is relatively large; (iii) It is optimal to use only pull incentives if the firm does not face any financing constraints; (iv) In cases where the rewards that the firm can obtain from a successful R&D result are quite limited (i.e., the market size is small), providing push incentives alone is not sufficient to enhance the company's R&D incentives.

Lastly, after examining vaccine R&D support policy in Korea and a few other foreign countries, this study provides relevant policy implications, including the circumstances under which providing pull incentives play an important role, the need for a vaccine innovation policy for harmonious use of push and pull incentives, and institutional improvements required to use pull incentives more effectively.
Contents
발간사
요 약

제1장 서 론

제2장 백신 개발과정 및 백신시장의 특징

제3장 효과적인 백신 R&D 지원방안 분석
 제1절 분석모형
 제2절 엔데믹 시나리오 분석
 제3절 신종 감염병 팬데믹 시나리오 분석
 제4절 분석과 관련된 추가 논의 및 고려사항
 제5절 소 결

제4장 백신 부문 R&D 지원 현황 및 정책적 시사점
 제1절 해외 주요국의 감염병 부문 R&D 지원
 제2절 우리나라의 감염병 부문 R&D 지원
 제3절 COVID-19 백신 R&D 지원
 제4절 정책적 시사점

제5장 결 론
 제1절 주요 연구 내용
 제2절 본 연구의 한계점

참고문헌
부 록
ABSTRACT
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