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Seminar
Department of Systems Engineering and Engineering Management
The Chinese
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Title |
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Purchasing Commitments
to Encourage Pharmaceuticals to Invest in Research and Development and
Production-Capacity of Drugs and Vaccines for Low Income Countries |
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Speaker |
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Prof. Yehuda Bassok |
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Department of
Information and Operations Management |
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Marshall School of
Business |
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Date |
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March 19th, 2010 (Friday) |
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Time |
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4:30 p.m. - 5:30 p.m. |
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Venue |
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Room 513 |
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William M.W. Mong Engineering Building |
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(Engineering Building Complex Phase 2) |
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CUHK |
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Abstract:
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Developing and
producing drugs and vaccines is a risky business. First, the success rate in
developing new drugs and vaccines is low, and the R&D costs are high.
Second, investments in research and development, production-capacity and
production are very large, and are irreversible. If the demand for drugs or
vaccines turns to be high investors enjoy high profits. But, if the demand
does not materialize investors lose hundreds of million of dollars. These
risks are universal and widespread all over the world: in high income
countries as well as medium and low income countries. The difference between
the low income and high income countries is that in the low income countries
neither the population nor the government can afford and pay the full price
of drugs and vaccines. Thus, pharmaceutical companies don’t have an incentive
to develop and produce new drugs and vaccines. The objective of this study is
to design mechanisms to encourage the development of new vaccines and drugs,
and motivate manufacturers to build capacity and produce the appropriate
quantities of drugs and vaccines. We develop a payment mechanism that
encourages pharmaceuticals to develop and produce drugs and at the same time
encourages states and donors to reveal their true demand and not to inflate
it. |
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Biography:
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Prof. Yehuda
Bassok is currently the Chairman of Department of Information and Operations
Management, Marshall School of Business, University of Southern California.
He obtained his Ph.D. from Carnegie Mellon University, and Double Bachelor
Degrees in Math. and Economics from The Hebrew University, Israel. He teaches
Supply Chain Management and Operations Management in MBA and Executive
Programs and has received many teaching awards (e.g., The Golden apple
Teaching award: Best teacher in the MBA Core; Marshall School of Business
Faculty award for innovation in teaching). |
************************* ALL ARE WELCOME ************************
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Host |
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Prof. Chen Youhua, Frank |
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Tel |
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(852) 2609-8310 |
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Email |
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Enquiries |
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Prof. Nan Chen or Prof. Sean X. Zhou |
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Department of Systems Engineering and Engineering
Management |
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CUHK |
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Website |
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Email |
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