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Processes of corporate growth in the evolution of an innovation-driven industry. The case of pharmaceuticals

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  • Giulio Bottazzi
  • Giovanni Dosi
  • Marco Lippi
  • Fabio Pammolli
  • Massimo Riccaboni

Abstract

The work studies the processes of growth of the world top 150 pharmaceutical firms, on the grounds of an original database which allows also disaggregate analysis at the level of single therapeutical classes and chemical entities.Our findings show that the industry -whose long-term evolution is driven by innovation , imitation and permanent creation of new markets - displays (i) 'fat tails' in the distribution of growth shocks , present at all levels of aggregation, with (relatively rare) big "spurs of growth";(ii) a significant autocorrelation of growth rates ,(iii) a fall of variance of growth rates with size, entirely dependent on corporate diversification patterns, in turn plausibly shaped by the "competence scope" of each firm, (iv) different "lifecycles" of diverse types of products, (v) persistent forms of heterogeneity across firms in terms of innovative output which however do not seem to affect comparative growth performances.

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Bibliographic Info

Paper provided by Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy in its series LEM Papers Series with number 2000/05.

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Date of creation: 08 Dec 2000
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Handle: RePEc:ssa:lemwps:2000/05

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Cited by:
  1. Bottazzi, Giulio & Dosi, Giovanni & Lippi, Marco & Pammolli, Fabio & Riccaboni, Massimo, 2001. "Innovation and corporate growth in the evolution of the drug industry," International Journal of Industrial Organization, Elsevier, vol. 19(7), pages 1161-1187, July.
  2. Patrick LLERENA & Vanessa OLTRA, 2001. "Diversity of innovative strategy as a source of technological performance," Working Papers of BETA 2001-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  3. Elena Cefis & Luigi Orsenigo & Matteo Ciccarelli, 2002. "From Gibrat'S Legacy To Gibrat'S Fallacy. A Bayesian Approach To Study The Growth Of Firms," Working Papers. Serie AD 2002-19, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  4. Elena Cefis & Luigi Orsenigo, 1998. "The Persistence of Innovative Activities. A Cross-Countries and Cross-Sectors Comparative Analysis," Department of Economics Working Papers 9804, Department of Economics, University of Trento, Italia.

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