A Deeper Analysis on Pharmaceutical Submarket Concentration: the US market in 1987-1998
We investigate the impact of submarket concentration on launches of new products in the US pharmaceutical 3 digit submarkets during the period 1987-1998. In addition to the typical specification of entry- exit standard reduced form models, we introduce additional decision drivers from data on submarkets, including concentration, company size relative to incumbent firms and the number of competing products. The estimates of a logit model, based on company panel data for various submarkets measured yearly, show that a concentrated industry at submarket level is a barrier to entry.
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