Photo of Richard  Manning, PhD

Selected Expertise

  • Antitrust
  • Business strategy and innovation
  • Healthcare economics
  • Industrial organization
  • Intellectual property
  • Market analysis and research
  • Pharmaceutical economics
  • Pharmaceutical pricing and reimbursement
  • Public policy

Selected Industries

  • Animal health
  • Biotechnology
  • Healthcare
  • Medical devices
  • Pharmaceuticals

Richard Manning, PhD


Richard Manning is an expert in providing data-driven insights to help various clients solve complex economic problems. He has significant experience conducting economic analyses in matters involving breach of contract, antitrust, patent infringement, pricing, and public policy. Dr. Manning has testified in US District Court, served as consulting expert, and prepared reports and papers on various matters in the biopharmaceutical and healthcare industries. His career includes 14 years as an executive at multinational pharmaceutical companies, where he led economic analysis and strategy development to shape practices related to emerging business concerns.

Prior to joining Bates White, Dr. Manning was an Executive Director at Merck & Co., Inc. where he oversaw economic analysis and strategy relative to challenges affecting pricing and reimbursement and intellectual property protection in worldwide markets. Previously, he was a Senior Director at Pfizer, Inc. During his 12 years with Pfizer, his team conducted economic analysis for strategic decision-making and worked with outside academic economists to foster analysis of key issues including: pricing and reimbursement; marketing and advertising; intellectual property protection; FDA regulatory reform with respect to data exclusivity, biosimilars approval processes and safety; healthcare benefit design; new product R&D; and various healthcare system reform proposals. In addition, Dr. Manning was a Director in the Advisory Strategy Group at PricewaterhouseCoopers, specializing in strategic partnerships, merger and acquisitions activity, economic valuation of early-stage companies, and empirical economic analysis for several biopharmaceutical, financial, and healthcare clients.

Dr. Manning was an economics professor at Brigham Young University and a visiting professor in the Graduate School of Business at the University of Chicago. As an academic, his teaching and research focused on price theory, the economic analysis of law, industrial organization, and the economics of government regulation.

Selected Experience

  • Retained as the testifying expert on behalf of Fera in the matter Fera Pharmaceuticals LLS v. Akorn Inc. Authored expert report and provided deposition testimony evaluating damages, including diminished asset value, resulting from alleged breach of contract, fraudulent inducement, and misappropriation of trade secrets related to Fera’s portfolio of prescription ophthalmic anti-infective ointment products. The matter settled on the eve of trial for an undisclosed amount.

  • In Wells Fargo Bank et al. v. Merrimack Pharmaceuticals, Inc., retained as testifying expert on behalf of plaintiffs in the Court of Chancery of the State of Delaware. The plaintiffs alleged that the company’s asset sale was a sale of “substantially all” of the assets, which was a fundamental change, and Merrimack was required to repurchase the convertible notes. Submitted primary and rebuttal reports that valued Merrimack’s pipeline of oncology drugs and opined that the sale of Merrimack’s sole commercial product constituted a fundamental change of the company. Following the exchange of reports, the parties settled.
  • In Pharmaceutical Solutions, Inc. (VetSource) v. Nevada State Board of Pharmacy et al., retained as the testifying expert on behalf of VetSource, which sued in federal court in response to a cease and desist action that alleged illegal kickbacks. Authored expert report evaluating the market for pet medications in Nevada and the VetSource business model to assess whether the company competes with other retail pharmacies in this market. The parties settled the federal lawsuit on undisclosed terms. Vetsource continues to operate in the state under its previously existing business model, and the complaint from the Nevada Board of Pharmacy was rescinded. 
  • In Merix Pharmaceutical Corp. v. Clinical Supplies Management, Inc. (CSM), retained as testifying expert on behalf of CSM in connection with alleged fraud and breach of contract claims related to the performance of a clinical trial for an over-the-counter medication. Authored expert report and provided deposition testimony that assessed damages assertions made by plaintiff’s experts. Judge Matthew F. Kennelly, of the US District Court for the Northern District of Illinois Eastern Division, granted summary judgment on a number of Merix’s damages claims. A jury ultimately found in CSM’s favor at trial. 
  • Authored an expert report and testified in National Union Fire Insurance Company of Pittsburgh, Pennsylvania v. Tyco Integrated Security, LLC on behalf of Tyco regarding damages arising from a theft of prescription drugs from a pharmaceutical company warehouse. In April 2016, a Florida federal jury found in Tyco’s favor, finding the security company not liable in the insurer’s negligence suit.
  • Authored an expert report and provided deposition testimony in a breach of contract action on behalf of a pharmaceutical company asserting that a marketing partner had failed to perform its duties in a commercially reasonable manner.
  • Served as consultant to a university assessing damages against a consumer products company by an unauthorized filing of patents on property owned by the university. Submitted a declaration to a federal district court addressing recommended economic principles and methodologies for assessing the university’s intellectual property market value. 

  • Conducted detailed economic analysis on behalf of Eli Lilly in connection with its $5.4 billion acquisition of Novartis Animal Health. Both firms were active in developing and marketing animal health products, including medications used to treat pets and livestock. Bates White assessed overlaps in several areas, and presented results of its analysis to the FTC. The FTC approved the merger after an eight month investigation, with divestiture required in one product area, canine parasiticides.
  • Retained as consulting expert by a class of state Medicaid claimants to evaluate the state’s application of an econometric model for benefit determination decisions.


PhD, Economics, University of Chicago

MA, Economics, University of Chicago

BA, Economics, Brigham Young University