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Acknowledgements
We thank Sarah Antiles and Nora Yang for assisting with the preparation of the data. We also thank Jon Campbell, Charles Gerrits, Kathy Gooch, Stacey Kowal, Donald Nichols, Mark Trusheim, Karen Tsai, and Ed Tuttle for helpful comments, and Gabriela Gracia and Jayna Cummings for editorial support. The views and opinions expressed in this article are those of the authors only and do not necessarily represent the views and opinions of any other organizations, any of their affiliates or employees, or any of the individuals acknowledged above. Funding support from the MIT Laboratory for Financial Engineering is gratefully acknowledged, but no direct funding was received for this study and no funding bodies had any role in study design, data collection and analysis, decision to publish, or preparation of this manuscript. The authors were personally salaried by their institutions during the period of writing (though no specific salary was set aside or given for the writing of this manuscript). More detailed conflict of interest disclosures are provided after the Conclusion section of the main text. Funding: RMC’s research is funded by grants from the American Cancer Society, the National Cancer Institute, the Leukemia & Lymphoma Society and Arnold Ventures. None of these granting agencies funded her efforts in this work. RMC was also a special economic consultant to the US Food and Drug Administration’s Office of Generic Drugs and is currently a voting committee member of ICER. None of these organizations had any role in the completion of this project, nor RMC’s effort on this project. AL’s research is funded by the MIT Laboratory for Financial Engineering, as well as grants from the Rockefeller Foundation and the Schmidt Futures Foundation. None of these organizations had any role in the completion of this project, nor AL’s effort on this project.
Author contributions
All authors participated in the planning of analyses, interpretation of results and drafting of the manuscript. All authors gave final approval of the manuscript for publication. AL, CW, JG and RMC are responsible for the original conception of the study and its execution. CW, NW, DL performed analyses presented in the manuscript under the supervision of AL, RMC and JG.
Competing interests
CW, DL, and NW report no conflicts. RMC has no conflicts of interest to declare. JG reports no conflicts. JG is a consultant for both the insurer Aetna, Inc. and for the biotech company Sarepta, Inc. During the most recent 6-month period JG has received compensation from Aetna, MacMillan Publishing, and Access Health, International. AL reports personal investments in private biotech companies, biotech venture capital funds, and mutual funds. AL is a co-founder and partner of QLS Advisors, a healthcare analytics and consulting company; an advisor to Apricity Health, Aracari Bio, BrightEdge Impact Fund, Enable Medicine, Inc, FINRA, Health at Scale, Lazard, MIT Proto Ventures, Quantile Health, Roivant Social Ventures, SalioGen Therapeutics, Swiss Finance Institute, Thalēs, and xCures; a director of AbCellera, Annual Reviews, Atomwise, BridgeBio Pharma, Uncommon Cures, and Vesalius. During the most recent six-year period (beginning 2017), AL received speaking/consulting fees, honoraria, or other forms of compensation from: AbCellera, AlphaSimplex Group, Annual Reviews, Apricity Health, Aracari Bio, Atomwise, Bernstein Fabozzi Jacobs Levy Award, BridgeBio, Cambridge Associates, Chicago Mercantile Exchange, Enable Medicine, Financial Times Prize, Harvard Kennedy School, IMF, Journal of Investment Management, Lazard, National Bank of Belgium, New Frontier Advisors/Markowitz Award, Oppenheimer, Princeton University Press, Q Group, QLS Advisors, Quantile Health, Research Affiliates, Roivant Sciences, SalioGen, Swiss Finance Institute, and WW Norton.
