{"id":"https://openalex.org/W2074699367","doi":"https://doi.org/10.1377/hlthaff.2014.1051","title":"The Decline Of Venture Capital Investment In Early-Stage Life Sciences Poses A Challenge To Continued Innovation","display_name":"The Decline Of Venture Capital Investment In Early-Stage Life Sciences Poses A Challenge To Continued Innovation","publication_year":2015,"publication_date":"2015-02-01","ids":{"openalex":"https://openalex.org/W2074699367","doi":"https://doi.org/10.1377/hlthaff.2014.1051","mag":"2074699367","pmid":"https://pubmed.ncbi.nlm.nih.gov/25646107"},"language":"en","primary_location":{"id":"doi:10.1377/hlthaff.2014.1051","doi":"https://doi.org/10.1377/hlthaff.2014.1051","is_oa":false,"landing_page_url":"https://doi.org/10.1377/hlthaff.2014.1051","pdf_url":null,"source":{"id":"https://openalex.org/S4210185023","display_name":"Health Affairs","issn_l":"0278-2715","issn":["0278-2715","1544-5208","2694-233X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","dongbi-a","doyens","fnege-2","jufo-2","medline","norway-1","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315983","host_organization_name":"Project HOPE","host_organization_lineage":["https://openalex.org/P4310315983"],"host_organization_lineage_names":["Project HOPE"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Health Affairs","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","pubmed"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5029398470","display_name":"Jonathan J. Fleming","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I2802446765","display_name":"Network for Excellence in Health Innovation","ror":"https://ror.org/02hdbjg52","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I2802446765"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Jonathan J. Fleming","raw_affiliation_strings":["Jonathan J. Fleming ( ) is president and treasurer of NEHI, the Network for Excellence in Health Innovation, in Cambridge, Massachusetts"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Jonathan J. Fleming ( ) is president and treasurer of NEHI, the Network for Excellence in Health Innovation, in Cambridge, Massachusetts","institution_ids":["https://openalex.org/I2802446765"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5029398470"],"corresponding_institution_ids":["https://openalex.org/I2802446765"],"apc_list":null,"apc_paid":null,"fwci":27.8447,"has_fulltext":false,"cited_by_count":46,"citation_normalized_percentile":{"value":0.99334682,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"34","issue":"2","first_page":"271","last_page":"276"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.8057000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.8057000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11792","display_name":"Pharmaceutical Economics and Policy","score":0.1768999993801117,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14293","display_name":"Biotechnology and Related Fields","score":0.005400000140070915,"subfield":{"id":"https://openalex.org/subfields/2739","display_name":"Public Health, Environmental and Occupational Health"},"field":{"id":"https://openalex.org/fields/27","display_name":"Medicine"},"domain":{"id":"https://openalex.org/domains/4","display_name":"Health Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/venture-capital","display_name":"venture capital","score":0.9139999747276306},{"id":"https://openalex.org/keywords/early-stage-investment","display_name":"early-stage financing","score":0.8230000138282776},{"id":"https://openalex.org/keywords/life-sciences-innovation","display_name":"life sciences innovation","score":0.8379999995231628},{"id":"https://openalex.org/keywords/drug-development","display_name":"drug development","score":0.43299999833106995},{"id":"https://openalex.org/keywords/medical-device-development","display_name":"medical device development","score":0.8059999942779541},{"id":"https://openalex.org/keywords/regulatory-policy","display_name":"regulatory policy","score":0.7940000295639038},{"id":"https://openalex.org/keywords/reimbursement-policy","display_name":"reimbursement policy","score":0.8870000243186951},{"id":"https://openalex.org/keywords/small-business-innovation-research","display_name":"Small Business Innovation Research","score":0.953000009059906},{"id":"https://openalex.org/keywords/clinical-trials","display_name":"clinical trials","score":0.8389999866485596},{"id":"https://openalex.org/keywords/proof-of-concept","display_name":"proof of concept","score":0.8050000071525574},{"id":"https://openalex.org/keywords/economic-incentives","display_name":"economic incentives","score":0.43299999833106995}],"concepts":[{"id":"https://openalex.org/C21279758","wikidata":"https://www.wikidata.org/wiki/Q219409","display_name":"Venture capital","level":2,"score":0.8913326263427734},{"id":"https://openalex.org/C2779703844","wikidata":"https://www.wikidata.org/wiki/Q760125","display_name":"Reimbursement","level":3,"score":0.7382229566574097},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6753469705581665},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6688855290412903},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5455668568611145},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4558812379837036},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.4341021180152893},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3915581703186035},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3273387551307678},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.2021002173423767},{"id":"https://openalex.org/C160735492","wikidata":"https://www.wikidata.org/wiki/Q31207","display_name":"Health care","level":2,"score":0.11397984623908997},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.10599818825721741},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.10346728563308716},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[{"descriptor_ui":"D001690","descriptor_name":"Biological Science Disciplines","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":true},{"descriptor_ui":"D001690","descriptor_name":"Biological Science Disciplines","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D002202","descriptor_name":"Capital Financing","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D006291","descriptor_name":"Health Policy","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":true},{"descriptor_ui":"D006291","descriptor_name":"Health Policy","qualifier_ui":"Q000331","qualifier_name":"legislation & jurisprudence","is_major_topic":false},{"descriptor_ui":"D006291","descriptor_name":"Health Policy","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D006801","descriptor_name":"Humans","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D007449","descriptor_name":"Investments","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":false},{"descriptor_ui":"D007449","descriptor_name":"Investments","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D009965","descriptor_name":"Orphan Drug Production","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":true},{"descriptor_ui":"D009965","descriptor_name":"Orphan Drug Production","qualifier_ui":"Q000331","qualifier_name":"legislation & jurisprudence","is_major_topic":false},{"descriptor_ui":"D012052","descriptor_name":"Reimbursement, Incentive","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":false},{"descriptor_ui":"D012052","descriptor_name":"Reimbursement, Incentive","qualifier_ui":"Q000331","qualifier_name":"legislation & jurisprudence","is_major_topic":false},{"descriptor_ui":"D012052","descriptor_name":"Reimbursement, Incentive","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D014481","descriptor_name":"United States","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D014486","descriptor_name":"United States Food and Drug Administration","qualifier_ui":"Q000592","qualifier_name":"standards","is_major_topic":false},{"descriptor_ui":"D014486","descriptor_name":"United States Food and Drug Administration","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D017149","descriptor_name":"Private Sector","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":false},{"descriptor_ui":"D017149","descriptor_name":"Private Sector","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false},{"descriptor_ui":"D017277","descriptor_name":"Drug Approval","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":true},{"descriptor_ui":"D017277","descriptor_name":"Drug Approval","qualifier_ui":"Q000379","qualifier_name":"methods","is_major_topic":false},{"descriptor_ui":"D057170","descriptor_name":"Translational Research, Biomedical","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":true},{"descriptor_ui":"D057170","descriptor_name":"Translational Research, Biomedical","qualifier_ui":"Q000639","qualifier_name":"trends","is_major_topic":false}],"locations_count":2,"locations":[{"id":"doi:10.1377/hlthaff.2014.1051","doi":"https://doi.org/10.1377/hlthaff.2014.1051","is_oa":false,"landing_page_url":"https://doi.org/10.1377/hlthaff.2014.1051","pdf_url":null,"source":{"id":"https://openalex.org/S4210185023","display_name":"Health Affairs","issn_l":"0278-2715","issn":["0278-2715","1544-5208","2694-233X"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","dongbi-a","doyens","fnege-2","jufo-2","medline","norway-1","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315983","host_organization_name":"Project HOPE","host_organization_lineage":["https://openalex.org/P4310315983"],"host_organization_lineage_names":["Project HOPE"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Health Affairs","raw_type":"journal-article"},{"id":"pmid:25646107","doi":null,"is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/25646107","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Health affairs (Project Hope)","raw_type":"Journal Article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.6240000128746033,"id":"https://metadata.un.org/sdg/3","display_name":"Good health and well-being"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":1,"referenced_works":["https://openalex.org/W2065812641"],"related_works":["https://openalex.org/W2049675055","https://openalex.org/W2899516225","https://openalex.org/W4285506515","https://openalex.org/W1939231828","https://openalex.org/W2346716338","https://openalex.org/W2138473839","https://openalex.org/W7148865841","https://openalex.org/W4409397563","https://openalex.org/W2953459419","https://openalex.org/W2587863419"],"abstract_inverted_index":{"A":[0],"key":[1],"element":[2],"required":[3],"for":[4,74,163,188],"translating":[5],"new":[6,136],"knowledge":[7],"into":[8,147],"effective":[9],"therapies":[10],"is":[11,40,51],"early-stage":[12,112,150],"venture":[13,113],"capital":[14,92,114],"that":[15,70,100],"finances":[16],"the":[17,34,47,55,58,68,89,94,129],"work":[18],"needed":[19,149],"to":[20,30,33,61,138,174],"identify":[21],"a":[22,85],"lead":[23],"molecule":[24,48],"or":[25,49],"medical":[26],"device":[27],"prototype":[28,50],"and":[29,53,67,81,93,124,127,160,184,190],"develop":[31],"it":[32],"proof-of-concept":[35],"stage.":[36],"This":[37],"early":[38,176],"investment":[39,146],"distinguished":[41],"by":[42,122,152],"great":[43],"uncertainty":[44],"over":[45],"whether":[46],"safe":[52],"effective,":[54],"stability":[56],"of":[57,91,96,131,169,178],"regulatory":[59,123,172],"standards":[60],"which":[62],"clinical":[63,164],"trials":[64,165],"are":[65,120],"designed,":[66],"likelihood":[69],"large":[71],"follow-on":[72],"investments":[73],"commercial":[75],"development":[76],"can":[77,142],"be":[78],"secured.":[79],"Regulatory":[80],"reimbursement":[82,125],"policies":[83],"have":[84],"profound":[86],"impact":[87],"on":[88],"amount":[90],"types":[95],"life":[97],"science":[98],"projects":[99],"investors":[101,189],"pursue.":[102],"In":[103],"this":[104],"article":[105],"I":[106],"analyze":[107],"several":[108],"recent":[109],"trends":[110,119],"in":[111,134,166,181,192],"funding,":[115],"describe":[116],"how":[117],"these":[118],"influenced":[121],"policies,":[126],"discuss":[128],"role":[130],"policy":[132],"makers":[133,141],"bringing":[135],"treatments":[137],"market.":[139],"Policy":[140],"foster":[143],"renewed":[144],"private":[145],"critically":[148],"products":[151],"increasing":[153],"Small":[154],"Business":[155],"Innovation":[156],"Research":[157],"(SBIR)":[158],"funding":[159],"public":[161],"support":[162],"targeted":[167],"areas":[168],"interest;":[170],"creating":[171],"pathways":[173],"enable":[175],"testing":[177],"experimental":[179],"compounds":[180],"limited":[182],"populations;":[183],"offering":[185],"economic":[186],"incentives":[187],"developers":[191],"designated":[193],"therapeutic":[194],"areas.":[195]},"counts_by_year":[{"year":2026,"cited_by_count":5},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":2},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":7},{"year":2015,"cited_by_count":4}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2016-06-24T00:00:00"}
