The real options approach to valuation - Haskayne School of Business
The real options approach to valuation - Haskayne School of Business
The real options approach to valuation - Haskayne School of Business
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R&D Investments • <strong>The</strong> pharmaceu*cal industry has become a research-oriented sec<strong>to</strong>r that makes a major contribu*on <strong>to</strong> health care. • <strong>The</strong> success <strong>of</strong> the industry in genera*ng a stream <strong>of</strong> new drugs with important therapeu*c benefits has created an intense public policy debate over issues such as – the financing <strong>of</strong> the cost <strong>of</strong> research – the prices charged for its products – the socially op*mal degree <strong>of</strong> patent protec*on