Economics and Innovation Strategy

Professor Joshua Krieger, jkrieger@mit.edu

Economics & Innovation Strategy (Pharma – Clinical Trials)

Independent Funding Available

I am looking for one or two students to help with a research project on the economics of innovation in the setting of clinical trials. The process of moving from scientific discovery through multiple phases of human clinical trials is a long and risky process, with costs estimated at roughly $1 Billion dollars. Firms also take on this process in a highly competitive environment, in which companies race for approval of the next big drug. This project will study how different types of firms navigate this innovative process and make big project investment decisions under tremendous uncertainty.

This work may involve investigating events related to drug development, some statistical analysis, and creating summaries/presentations of your findings. Ideal candidates should be comfortable with Excel and doing press searches. Working knowledge of a statistical program (e.g. STATA, Matlab, R), and a background in economics or biology is also a plus.

Most important is availability (at least 20 hrs a week), and willingness to learn.