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R&D Portfolios and Pharmaceutical Licensing

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  • Junichi Nishimura
  • Yosuke Okada
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    Abstract

    We examine how R&D portfolios of drug pipelines affect pharmaceutical licensing, controlling firm size, diversity, and competitors in R&D and product markets. The data collected comprises 329 license-outs and 434 license-ins closed by 54 Japanese pharmaceutical companies between 1997 and 2007. We pay special attention to stage-specific licensing by dividing the innovation process into an early stage and a late stage. Estimates from the fixed-effect GMM model reveal that drug pipelines significantly affect stage-specific licensing. Particularly, the state of drug pipelines is leveled off by license-outs at the early stage and license-ins at the late stage. Theoretical implications are also discussed.

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    File URL: http://gcoe.ier.hit-u.ac.jp/research/discussion/2008/pdf/gd10-155.pdf
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    Bibliographic Info

    Paper provided by Institute of Economic Research, Hitotsubashi University in its series Global COE Hi-Stat Discussion Paper Series with number gd10-155.

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    Date of creation: Nov 2010
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    Handle: RePEc:hst:ghsdps:gd10-155

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    Keywords: R&D portfolios; licensing; pharmaceutical industry; drug pipelines;

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