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R&D Portfolios and Pharmaceutical Licensing

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  • Junichi Nishimura
  • Yosuke Okada

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.

Suggested Citation

  • Junichi Nishimura & Yosuke Okada, 2010. "R&D Portfolios and Pharmaceutical Licensing," Global COE Hi-Stat Discussion Paper Series gd10-155, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hst:ghsdps:gd10-155
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    References listed on IDEAS

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    1. Eom, Boo-Young & Lee, Keun, 2010. "Determinants of industry-academy linkages and, their impact on firm performance: The case of Korea as a latecomer in knowledge industrialization," Research Policy, Elsevier, vol. 39(5), pages 625-639, June.
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    Keywords

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    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
    • L65 - Industrial Organization - - Industry Studies: Manufacturing - - - Chemicals; Rubber; Drugs; Biotechnology; Plastics

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