Estimating the economic value of NIHR Biomedical Research Centres and Units

This document comprises a series of evaluations on different aspects of biomedical research and its economic implications. The first part assesses the Partnership for Responsive Policy Analysis and Research (PREPARE), focusing on the economic value of investment in Biomedical Research Centres and Units, revealing a high return on investment but cautioning against using financial estimates as the sole basis for funding decisions. The second evaluation analyzes the economic impact of public biomedical and health research investment, showing a 17% economic rate of return and significant national economic benefits, while acknowledging limitations such as data inconsistencies. The third section examines the time lags between biomedical research investment and therapeutic delivery, finding an increase in time lags but suggesting optimism due to new regulatory initiatives and stakeholder collaboration. Lastly, the document evaluates the accounting treatment of R&D expenditure, intangible assets, and asset impairment under International Accounting Standards, highlighting differences in accounting practices and the impact on reported profits, with a case study on AstraZeneca. Overall, the evaluations conclude that biomedical research investment yields positive economic and health returns, but also emphasize the need for careful consideration of accounting standards and the potential for reducing time lags in therapy development. **This summary was written by an AI model and therefore should not be considered a definitive summary of the report. If you are aware of inaccuracies, please email evaluation.registry@cabinetoffice.gov.uk.**

Description

• Lead department: National Institute for Health and Care Research
• Evaluation stage: A complete evaluation report
• Other departments: No other departments listed
• Evaluation types: Value for money evaluation; Process evaluation
• Process methods: Other
• Value for money methods: Other
• Grant information: This intervention is not distributing funding via a grant
• Government Major Project information: This intervention is not a major project
• Policies: No policies provided

Event Dates

• Event Name: Publication of final results
• Event date: August 2020

Evaluation Costs

• Cost: Not provided

Evaluation sharing

• Link(s) to published report(s): Yes
• Links to evaluation plans: No link provided
• Links to published evaluations (DEBUGGING): No final report link found.
• Findings: Not provided
• Permission to share confirmed: Yes