The effects of institutional change on innovation and productivity growth in the Swedish pharmaceutical industry
The relation between innovative output from the R&D process and total factor productivity (TFP) in the Swedish pharmaceutical industry has been investigated. The focus has been on the 1960s when the institutional conditions for innovation changed drastically in the pharmaceutical industry through new and stricter regulation. The short term effect of the new regulation was a shift towards quality products. Patenting increased and there were an increasing number of economically successful drugs based on new substances (NCEs). This had a positive impact on TFP growth.
|Date of creation:||01 Jun 2007|
|Date of revision:|
|Contact details of provider:|| Postal: CIRCLE, Lund University, PO Box 117, SE-22100 Lund, Sweden|
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