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英文文献：Innovation and uncertainty in the medical industry: Evidence from the case of Myriad Genetics, Inc-医疗行业的创新和不确定性:来自麦利亚德基因公司案例的证据
英文文献作者：Stan Veuger,Jeffrey Clemens
英文文献摘要：
We describe the broad range of uncertainties faced by the developers of medical technologies. Empirically, we estimate the asset market incidence of two realizations of uncertainties we classify as within-market policy risks. The events we analyze concern the intellectual property of Myriad Genetics, Inc., an American molecular diagnostics firm. In July 2013, the Supreme Court invalidated several of Myriad's intellectual property claims. Subsequently, the Center for Medicare and Medicaid Services reevaluated the reimbursements it pays for the services at issue in this patent litigation. We estimate that these events substantially moved Myriad's market capitalization, by just under 25 percent in the case of the Supreme Court's decision and nearly 20 percent in the case of CMS's reimbursement rate re-determination. Myriad's exposure to the realization of these intellectual property risks reflects its unusually high reliance on revenues linked to the services at issue. We discuss the implications of these risks for the total volume of medical innovation and for its organization across firms.
我们描述了医疗技术开发者所面临的广泛的不确定性。根据经验，我们估计了两种不确定性的资产市场发生率，我们将其归类为市场内政策风险。我们分析的事件涉及Myriad Genetics, Inc.，一家美国分子诊断公司的知识产权。2013年7月，最高法院宣布麦利亚德公司的几项知识产权诉讼无效。随后，医疗保险和医疗补助服务中心重新评估了它为这起专利诉讼中的服务支付的赔偿。我们估计，这些事件对麦利亚德公司的市值产生了重大影响，在最高法院的判决中，麦利亚德公司的市值下降了不到25%，在CMS的偿还率重新确定中，下降了近20%。麦利亚德公司对这些知识产权风险的认识反映了它对与相关服务相关的收入异常高的依赖。我们讨论了这些风险对医疗创新总量和跨公司组织的影响。
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