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The pharmaceutical industry of Puerto Rico: Ramifications of global competition

  • Ramcharran, Harri
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    This paper utilizes a non-homogeneous production function to estimate the efficiency of the pharmaceutical industry of Puerto Rico using data from 1980 to 2008. Global competition in recent years has resulted in job loss and plant closures requiring strategies to profitably use the industry's excess capacity. The estimated results indicate operation at decreasing returns to scale mainly due to the decreasing output elasticity of the number of plants; labor productivity, however, is positive and increasing. Shifting production to generic drugs as a challenge to foreign competition is a top policy consideration.

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    File URL: http://www.sciencedirect.com/science/article/B6V82-51FXR3B-3/2/41d27ec2594a0dc3f9fe51bf9da072ec
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    Article provided by Elsevier in its journal Journal of Policy Modeling.

    Volume (Year): 33 (2011)
    Issue (Month): 3 (May)
    Pages: 395-406

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    Handle: RePEc:eee:jpolmo:v:33:y:2011:i:3:p:395-406
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505735

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    1. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    2. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
    3. Harri Ramcharran, 2001. "Estimating productivity and returns to scale in the US textile industry," Empirical Economics, Springer, vol. 26(3), pages 515-524.
    4. Kwack, Sung Yeung & Sun, Lee Young, 2005. "Economies of scale, technological progress, and the sources of economic growth: case of Korea, 1969-2000," Journal of Policy Modeling, Elsevier, vol. 27(3), pages 265-283, April.
    5. Revankar, Nagesh S, 1971. "A Class of Variable Elasticity of Substitution Production Functions," Econometrica, Econometric Society, vol. 39(1), pages 61-71, January.
    6. Koutsomanoli-Filippaki, Anastasia & Mamatzakis, Emmanuel & Staikouras, Christos, 2009. "Structural reforms and banking efficiency in the new EU States," Journal of Policy Modeling, Elsevier, vol. 31(1), pages 17-21.
    7. Ramcharran, Harri, 2001. "Productivity, returns to scale and the elasticity of factor substitution in the USA apparel industry," International Journal of Production Economics, Elsevier, vol. 73(3), pages 285-291, October.
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