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How financialisation shapes productive models in pharmaceutical industry: the domination and contradictions of the blockbuster conception of control (In French)

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  • Matthieu MONTALBAN (GREThA-GRES)

Abstract

This article analyses the interaction between competition, productive models and financialisation of the main pharmaceutical companies. After having studied the institutional specificities and the constraints that shape productive models, we analyze how transformations of ownership structures and corporate governance are connected with institutional relationships of the industry, leading to the emergence of a conception of control inciting dominant firms to adopt models focused on the most profitable dugs (blockbusters). This article converges with the conclusion of Palpacuer et al. (2007) on the agrofood industry case. Finally, the article analyzes the main causes of the recent crisis of these models.

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Bibliographic Info

Paper provided by Groupement de Recherches Economiques et Sociales in its series Cahiers du GRES with number 2009-01.

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Date of creation: 2009
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Handle: RePEc:grs:wpegrs:2009-01

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Web page: http://gres.u-bordeaux4.fr/
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Keywords: financialisation; productive model; pharmaceutical industry;

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  1. Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-28, June.
  2. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
  3. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752, October.
  4. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
  5. Gérard Charreaux & Philippe Desbrières, 1997. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Working Papers CREGO 0970801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  6. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  7. Batsch, Laurent, 2002. "Le capitalisme financier," Economics Papers from University Paris Dauphine 123456789/1742, Paris Dauphine University.
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