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Produktbild: Healthcare Finance - Modern Financial Analysis for Accelerating Biomedical Innovation

Healthcare Finance - Modern Financial Analysis for Accelerating Biomedical Innovation Modern Financial Analysis for Accelerating Biomedical Innovation

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Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

15.11.2022

Abbildungen

120 color illus.

Verlag

Princeton University Press

Seitenzahl

424

Maße (L/B/H)

26,4/18,9/2,5 cm

Gewicht

1088 g

Sprache

Englisch

ISBN

978-0-691-18382-4

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

15.11.2022

Abbildungen

120 color illus.

Verlag

Princeton University Press

Seitenzahl

424

Maße (L/B/H)

26,4/18,9/2,5 cm

Gewicht

1088 g

Sprache

Englisch

ISBN

978-0-691-18382-4

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Healthcare Finance - Modern Financial Analysis for Accelerating Biomedical Innovation

    • Preface
    • Dedication and Acknowledgments, Shomesh E. Chaudhuri
    • Dedication and Acknowledgments, Andrew W. Lo
    • 1 Why Healthcare Finance?
      • 1.1 Financing: The Lifeblood of Biomedical Innovation
      • 1.2 Being Harvey Lodish
      • 1.3 Convergence
      • 1.4 Biomedicine from a Financial Perspective
        • PROFILE OF A LEADING HEALTHCARE INSTITUTION: NATIONAL INSTITUTES OF HEALTH (NIH)
        • 1.5 The Challenges of Drug Development
          • PROFILE OF A LEADING HEALTHCARE INSTITUTION: NATIONAL CENTER FOR ADVANCING TRANSLATIONAL SCIENCES (NCATS)
          • 1.6 What Do Investors Want?
          • 1.7 Financial Engineering Can Help Bridge the Valley of Death
          • 1.8 Roadmap
          • CONCEPT CHECK ANSWERS
          • REFERENCES
          • 2 From the Laboratory to the Patient
            • 2.1 Early-Stage Research and Development
            • 2.2 Technology Licensing
            • 2.3 Biotech Start-Up
            • 2.4 The Role of Nonprofit Organizations
            • 2.5 Later-Stage Clinical Development
            • 2.6 The Growing Importance of Universities and Academic Medicine
            • 2.7 Post-Approval Commercialization and Distribution
            • 2.8 Patent Expiration, Generics, and Pricing
            • 2.9 Commercial Health Insurers
            • 2.10 Recent Trends in Industry Consolidation
            • 2.11 Conclusion
            • KEY POINTS
            • REFERENCES
            • 3 Present Value Relations
              • 3.1 Assets as Sequences of Cash Flows
              • 3.2 Assets and the Time Value of Money
              • 3.3 Using Discount Rates to Determine an Asset’s Net Present Value
              • 3.4 Future Value of a Current Cash Flow
                • PROFILE OF A LEADING HEALTHCARE ECONOMIST: DANA GOLDMAN
                • 3.5 The Risk Premium
                • 3.6 An Infinite Cash Flow: The Perpetuity Formula
                • 3.7 A Finite Number of Fixed Cash Flows: The Annuity Formula
                  • PROFILE OF A LEADING HEALTHCARE ECONOMIST: TOMAS J. PHILIPSON
                  • 3.8 Inflation
                  • 3.9 Inflation and Biomedicine
                  • 3.10 NPV versus Value versus Price
                  • KEY POINTS
                  • CONCEPT CHECK ANSWERS
                  • PROBLEM SET
                  • REFERENCES
                  • 4 Evaluating Business Opportunities
                    • 4.1 Valuing a Typical Biomedical Program
                      • 4.1a Probability of Success and Duration
                      • 4.1b Costs
                      • THE COST OF AN APPROVED DRUG
                      • 4.1c Revenues
                      • 4.1d Discounted Cash Flows and rNPV
                      • 4.2 Valuing a Typical Biopharma Company
                        • 4.2a Portfolio Constituents
                        • 4.2b Consolidated Financials
                        • 4.3 Deciding to Undertake or Shut Down a Project: The NPV Decision Rules
                          • 4.3a Use Cash Flows, Not Accounting Earnings, When Calculating NPV
                          • 4.3b Use After-Tax Cash Flows
                          • 4.3c Use Cash Flows on an Incremental Basis
                          • 4.4 Accounting Basics for Capital Budgeting
                          • 4.5 How to Use Accounting Data to Estimate Cash Flows
                          • 4.6 Other Capital Budgeting Techniques
                            • 4.6a Profitability Index
                            • 4.6b Payback Period
                            • 4.6c Internal Rate of Return
                            • 4.6d Industry Practices
                            • 4.7 Discounted Cash Flow Analysis of Artemis Biotherapeutics
                              • 4.7a Program Overview
                              • 4.7b Time Line and Probability of Transition Success (PoTS)
                              • 4.7c Program Revenues
                              • 4.7d Program Expenses
                              • 4.7e Discounted Cash Flow Analysis
                              • 4.8 Conclusion
                              • KEY POINTS
                              • CONCEPT CHECK ANSWERS
                              • PROBLEM SET
                              • REFERENCES
                              • 5 Valuing Bonds
                                • 5.1 Overview of Fixed-Income Markets
                                • 5.2 Valuing Discount Bonds and the Term Structure of Interest Rates
                                • 5.3 Forward Rates
                                • 5.4 Coupon Bonds
                                • 5.5 Yield to Maturity
                                • 5.6 Corporate Bonds
                                • 5.7 The Yield Spread: Sources of Risk
                                • 5.8 Bonds and Biopharma Companies
                                • KEY POINTS
                                • CONCEPT CHECK ANSWERS
                                • PROBLEM SET
                                • REFERENCES
                                • 6 Valuing Stocks
                                  • 6.1 Legal Characteristics of Stocks
                                  • 6.2 Stock Markets
                                  • 6.3 Valuing Stocks Using the Dividend Discount Model
                                  • 6.4 The Gordon Growth Model
                                  • 6.5 The Multistage Valuation Model
                                  • 6.6 Modeling Dividends via Payout Policy
                                  • 6.7 Growth Opportunities
                                  • KEY POINTS
                                  • CONCEPT CHECK ANSWERS
                                  • PROBLEM SET
                                  • REFERENCES
                                  • 7 Portfolio Management and the Cost of Capital
                                    • 7.1 Measuring the Randomness of Returns
                                    • 7.2 Portfolio Returns and Diversification
                                    • 7.3 The Limits of Diversification
                                    • 7.4 Estimating the Cost of Capital
                                    • 7.5 Deriving the CAPM and Estimating Beta
                                    • 7.6 The Weighted-Average Cost of Capital
                                    • 7.7 The Cost of Capital in the Biopharma Industry
                                      • PROFILE OF A LEADING HEALTHCARE ECONOMIST: SCOTT E. HARRINGTON
                                      • KEY POINTS
                                      • CONCEPT CHECK ANSWERS
                                      • PROBLEM SET
                                      • REFERENCES
                                      • 8 Therapeutic Development and Clinical Trials
                                        • 8.1 Introduction to Pharmaceutical R&D
                                          • 8.1a Drug Development
                                          • PROFILE OF A LEADING HEALTHCARE INSTITUTION: FDA
                                          • 8.1b Device Development
                                          • 8.2 Clinical Trials by the Numbers
                                            • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: RICHARD SCHELLER
                                            • 8.3 Unique Challenges for Medical Devices
                                            • 8.4 Randomized Clinical Trial Design
                                            • 8.5 Size, Power, and Cost
                                            • 8.6 Bayesian Adaptive Clinical Trials
                                            • 8.7 Bayesian Decision Analysis and Patient Preferences
                                            • KEY POINTS
                                            • CONCEPT CHECK ANSWERS
                                            • PROBLEM SET: THE STATISTICS OF CLINICAL TRIAL DESIGN
                                            • REFERENCES
                                            • 9 Decision Trees and Real Options
                                              • 9.1 Overview of Decision Trees and Options
                                                • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: JUDY C. LEWENT
                                                • 9.2 Decision Tree Analysis
                                                  • 9.2a Constructing a Decision Tree
                                                  • 9.2b Decision Tree Analysis for Pharmaceutical R&D
                                                  • 9.3 Decision Trees and Optionality
                                                    • 9.3a Additional Options
                                                    • 9.3b Managing Complexity
                                                    • 9.4 Real Options and the Binomial Option-Pricing Model
                                                    • 9.5 Building a Binomial Tree
                                                    • 9.6 Incorporating Scientific Risk
                                                    • 9.7 The Binomial Option-Pricing Model
                                                      • 9.7a The Two-Period Binomial Option-Pricing Model
                                                      • 9.7b The Multiperiod Binomial Option-Pricing Model
                                                      • KEY POINTS
                                                      • CONCEPT CHECK ANSWERS
                                                      • PROBLEM SET: abc pharmaceuticals case study
                                                      • REFERENCES
                                                      • 10 Monte Carlo Simulation
                                                        • 10.1 Why Simulate?
                                                        • 10.2 Applications of Monte Carlo Simulation
                                                        • KEY POINTS
                                                        • CONCEPT CHECK ANSWERS
                                                        • 11 Healthcare Analytics
                                                          • 11.1 Estimating Clinical Trial Success Rates
                                                            • PROFILE OF A LEADING HEALTHCARE INSTITUTION: TUFTS CENTER FOR THE STUDY OF DRUG DEVELOPMENT (TUFTS CSDD)
                                                            • 11.2 Predicting Drug Approvals
                                                            • 11.3 Machine-Learning Predictions of Probabilities of Success
                                                            • 11.4 Modeling Correlation
                                                              • 11.4a Correlation via Latent Variables
                                                              • 11.4b Estimating Correlations via Subjective Judgment
                                                              • 11.5 Simulating Correlated Random Variables
                                                              • 11.6 Conclusion
                                                                • PROFILE OF A LEADING HEALTHCARE ECONOMIST: HEIDI WILLIAMS
                                                                • KEY POINTS
                                                                • CONCEPT CHECK ANSWERS
                                                                • PROBLEM SET: machine-learning models for predicting drug approvals
                                                                • REFERENCES
                                                                • 12 Biotech Venture Capital
                                                                  • PROFILE OF A LEADING SCIENTIST/ENTREPRENEUR: PHILLIP SHARP
                                                                  • 12.1 What Is Venture Capital?
                                                                    • PROFILE OF A LEADING SCIENTIST/ENTREPRENEUR: ROBERT S. LANGER
                                                                    • PROFILE OF A LEADING SCIENTIST/ENTREPRENEUR: TILLMAN GERNGROSS
                                                                    • 12.2 Mitigating Risks and Aligning Goals: The Term Sheet
                                                                      • 12.2a Commitment of Capital
                                                                      • 12.2b Types of Securities
                                                                      • 12.2c Covenants
                                                                      • 12.2d Registration Rights
                                                                      • PROFILES OF LEADING BIOPHARMA PROFESSIONALS: LUKE EVNIN AND ANSBERT GADICKE
                                                                      • 12.3 Raising Start-Up Capital
                                                                        • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: BRUCE BOOTH
                                                                        • 12.4 Biotech Valuation
                                                                          • 12.4a Determining Value Out: Revenues
                                                                          • PROFILE OF A LEADING HEALTHCARE ECONOMIST: MICHAEL GROSSMAN
                                                                          • PROFILE OF A LEADING HEALTHCARE ECONOMIST: JOSEPH A. DIMASI
                                                                          • 12.4b Determining Money In: Expenses
                                                                          • 12.4c Investment Time Horizon
                                                                          • Valuing Therapies for Rare Diseases
                                                                          • 12.4d Biotech Valuation Summary
                                                                          • 12.5 Venture Philanthropy
                                                                            • PROFILE OF A LEADING HEALTHCARE ECONOMIST: CAM DONALDSON
                                                                            • The Cystic Fibrosis Foundation and Venture Philanthropy
                                                                            • KEY POINTS
                                                                            • CONCEPT CHECK ANSWERS
                                                                            • PROBLEM SET: axon bio case study
                                                                            • REFERENCES
                                                                            • 13 Securitizing Biomedical Assets
                                                                              • 13.1 What Is Securitization?
                                                                              • 13.2 A Numerical Example of Securitization
                                                                              • 13.3 Securitization and the Financial Crisis of 2007-2008
                                                                                • 13.3a Numerical Example of Securitization Gone Wrong
                                                                                • 13.4 Biomedical Megafunds
                                                                                  • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: CHRISTIANA GOH BARDON
                                                                                  • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: NEIL KUMAR
                                                                                  • 13.5 When Megafunds Don’t Work
                                                                                  • 13.6 Conclusion
                                                                                  • KEY POINTS
                                                                                  • CONCEPT CHECK ANSWERS
                                                                                  • PROBLEM SET: orphan drug portfolio analysis
                                                                                  • REFERENCES
                                                                                  • 14 Pricing, Value, and Ethics
                                                                                    • 14.1 Price versus Value
                                                                                    • 14.2 Ethics
                                                                                    • 14.3 Evaluating Cost Effectiveness
                                                                                      • PROFILE OF A LEADING HEALTHCARE INSTITUTION: NATIONAL INSTITUTE FOR HEALTH AND CARE EXCELLENCE (NICE)
                                                                                      • 14.4 Financing Health
                                                                                      • 14.5 Can We Afford It?
                                                                                        • PROFILE OF A LEADING HEALTHCARE INSTITUTION: INSTITUTE FOR CLINICAL AND ECONOMIC REVIEW (ICER)
                                                                                        • 14.6 Pricing Issues
                                                                                          • 14.6a Drug Shortages
                                                                                          • 14.6b Medical Device Shortages
                                                                                          • 14.6c Drug Shortages Task Force
                                                                                          • 14.7 Drug Manufacturer as Utility Company?
                                                                                            • PROFILE OF A LEADING HEALTHCARE POLICY EXPERT: PETER B. BACH
                                                                                            • 14.8 Price Gouging versus Pricing for Survival
                                                                                              • PROFILE OF A LEADING HEALTHCARE ECONOMIST: KENNETH J. ARROW
                                                                                              • KEY POINTS
                                                                                              • CONCEPT CHECK ANSWERS
                                                                                              • REFERENCES
                                                                                              • 15 Epilogue: A Case Study of Royalty Pharma
                                                                                                • PROFILE OF A LEADING BIOPHARMA PROFESSIONAL: PABLO LEGORRETA
                                                                                                • REFERENCES
                                                                                                • Glossary
                                                                                                • Index