A price index for biomedical research and development.
Price changes of goods and services used in biomedical research and development have important effects on the costs of conducting research. We summarize the trends suggested by a recently constructed biomedical research and development price index, which measures the effects of price changes on the inputs to biomedical research from 1979 to 1986. The fixed-weighted index uses fiscal year 1984 National Institutes of Health expenditure patterns in developing the weights. The rate of increase shown in the price index peaked in 1981 and slowed in following years. However, in most years, the rate of increase in the price index has exceeded the rate of increase in other major price indexes, such as the consumer price index, the producer price index, and the Gross National Product fixed-weighted price index.
Holloway
T M
TM
Department of Commerce's Bureau of Economic Analysis, Washington, DC 20230.
Reeb
J S
JS
D004467:Economics; D005102:Health Expenditures; D006801:Humans; D009316:National Institutes of Health (U.S.); D012106:Research; D014481:United States