This report sets out a review of academic and grey literature on the subject of the transparency of the costs of researching and developing new medicines and vaccines. The literature review was undertaken by researchers at RAND Europe, assisted by Dr Jorge Mestre-Ferrandiz (freelance researcher, expert in the field of pharmaceutical industry economics) and Dr Andrew Mulcahy (RAND Corporation). The research reported here was commissioned and funded by Merck Sharp & Dohme (Europe)