Measuring Purchasing Power in Biomedical Research

March 28, 2014

How can we at NIH compare a $1 million investment in research today with the same $1 million investment twenty years ago, ten years ago, or even five years into the future?

You might be familiar with the Consumer Price Index (CPI), which measures inflation experienced by consumers in their day-to-day living expenses, or the Gross Domestic Product (GDP) Price Index, which measures general inflation across the nation’s economy. But as readers with an active interest in biomedical research, you might be interested in how these numbers ‘translate’ into the research world. Naturally, so are we, and this is where the Biomedical Research and Development Price Index, or BRDPI, comes in. ….