Financial intermediation and the funding of biomedical innovation: A review

Andrew W. Lo, Richard T. Thakor

Research output: Contribution to journalArticlepeer-review

5 Scopus citations


We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature—underinvestment in biomedical R&D—and focus on the role that banks and other intermediaries can play in financing biomedical R&D and potentially closing this funding gap. We conclude with a discussion of the role of financial intermediation in the delivery of healthcare to patients.

Original languageEnglish (US)
Article number101028
JournalJournal of Financial Intermediation
StatePublished - Apr 2023

Bibliographical note

Publisher Copyright:
© 2023 Elsevier Inc.


  • Drug development
  • Financial intermediaries
  • Healthcare finance
  • R&D, Innovation


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