Financial Intermediation and the Funding of Biomedical Innovation: A Review
We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature—underinvestment in biomedical R&D—and focus on the role that banks and other intermediaries can play in financing biomedical R&D and potentially closing this funding gap. We conclude with a discussion of the role of financial intermediation in the delivery of healthcare to patients.
Published Versions
Andrew W. Lo & Richard T. Thakor, 2023. "Financial Intermediation and the Funding of Biomedical Innovation: A Review," Journal of Financial Intermediation, .
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