The Market in Mind: How Financialization Is Shaping Neuroscience, Translational Medicine, and Innovation...

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Mark Dennis Robinson (Assistant Professor, Creighton University)

The Market in Mind

How Financialization Is Shaping Neuroscience, Translational Medicine, and Innovation in Biotechnology...

Mark Dennis Robinson (Assistant Professor, Creighton University)

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English

MIT Press
23 July 2019

Neurology & clinical neurophysiology; Biomedical engineering; Bio-ethics

Series: The MIT Press

A critical examination of translational medicine, when private risk is transferred to the public sector and university research teams become tech startups for global investors.

A global shift has secretly transformed science and medicine. Starting in 2003, biomedical research in the West has been reshaped by the emergence of translational science and medicine-the idea that the aim of research is to translate findings as quickly as possible into medical products. In The Market in Mind, Mark Dennis Robinson charts this shift, arguing that the new research paradigm has turned university research teams into small biotechnology startups and their industry partners into early-stage investment firms. There is also a larger, surprising consequence from this shift- according to Robinson, translational science and medicine enable biopharmaceutical firms, as part of a broader financial strategy, to outsource the riskiest parts of research to nonprofit universities. Robinson examines the implications of this new configuration. What happens, for example, when universities absorb unknown levels of risk? Robinson argues that in the years since the global financial crisis translational science and medicine has brought about ""the financialization of health.""

Robinson explores such topics as shareholder anxiety and industry retreat from Alzheimer's and depression research; how laboratory research is understood as health innovation even when there is no product; the emergence of investor networking events as crucial for viewing science in a market context; and the place of patients in research decisions. Although translational medicine justifies itself by the goal of relieving patients' suffering, Robinson finds patients' voices largely marginalized in translational neuroscience.

A critical examination of translational medicine, when private risk is transferred to the public sector and university research teams become tech startups for global investors.

A global shift has secretly transformed science and medicine. Starting in 2003, biomedical research in the West has been reshaped by the emergence of translational science and medicine-the idea that the aim of research is to translate findings as quickly as possible into medical products. In The Market in Mind, Mark Dennis Robinson charts this shift, arguing that the new research paradigm has turned university research teams into small biotechnology startups and their industry partners into early-stage investment firms. There is also a larger, surprising consequence from this shift- according to Robinson, translational science and medicine enable biopharmaceutical firms, as part of a broader financial strategy, to outsource the riskiest parts of research to nonprofit universities. Robinson examines the implications of this new configuration. What happens, for example, when universities absorb unknown levels of risk? Robinson argues that in the years since the global financial crisis translational science and medicine has brought about ""the financialization of health.""

Robinson explores such topics as shareholder anxiety and industry retreat from Alzheimer's and depression research; how laboratory research is understood as health innovation even when there is no product; the emergence of investor networking events as crucial for viewing science in a market context; and the place of patients in research decisions. Although translational medicine justifies itself by the goal of relieving patients' suffering, Robinson finds patients' voices largely marginalized in translational neuroscience.

By: Mark Dennis Robinson (Assistant Professor Creighton University)
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm, Spine: 14mm
ISBN: 9780262536875
ISBN 10: 0262536870
Series: The MIT Press
Pages: 324
Publication Date: 23 July 2019
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Mark Dennis Robinson is Resident Fellow at Yale Law School, Assistant Professor at Creighton University in the Center for Health Policy and Ethics, andformer Student Fellow at the Petrie-Flom Center for Biotechnology, Health Policy, and Bioethics at Harvard Law School.