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How does regulatory uncertainty shape the innovation process? Evidence from the case of nanomedicine

Author

Listed:
  • Seokbeom Kwon

    (Sungkyunkwan University)

  • Jan Youtie

    (Georgia Institute of Technology)

  • Alan Porter

    (Georgia Institute of Technology
    Search Technology Inc.)

  • Nils Newman

    (Search Technology Inc.)

Abstract

This study investigates the effect of regulatory uncertainty on the translation of scientific discovery on emerging research topics to technical applications in science-driven industry. Our empirical analysis using the case of the US Federal Drug and Food Administration’s release of the report on the regulatory approach to nanomedicine in 2007 shows that; (1) the regulatory uncertainty decelerated the translation of nanomedicine research to technical applications, (2) this effect was particular for the nanomedicine research on emerging topics in the field. Our further analysis suggests that the effect of the regulatory uncertainty originated from the suppressed business activities in the field where the regulatory uncertainty presents. Our study elaborates on how regulatory authority actions shape the innovation process by shedding light on the impact of regulatory uncertainty on the development of technical applications of an emerging scientific area.

Suggested Citation

  • Seokbeom Kwon & Jan Youtie & Alan Porter & Nils Newman, 2024. "How does regulatory uncertainty shape the innovation process? Evidence from the case of nanomedicine," The Journal of Technology Transfer, Springer, vol. 49(1), pages 262-302, February.
    • Handle: RePEc:kap:jtecht:v:49:y:2024:i:1:d:10.1007_s10961-022-09980-8
    DOI: 10.1007/s10961-022-09980-8
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    Keywords

    Regulatory uncertainty; Nanomedicine; Emerging technology; Patent-paper citation; Innovation;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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