R&D Portfolios and Pharmaceutical Licensing

Junichi Nishimura and Yosuke Okada

Global COE Hi-Stat Discussion Paper Series from Institute of Economic Research, Hitotsubashi University

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.

Keywords: R&D portfolios; licensing; pharmaceutical industry; drug pipelines (search for similar items in EconPapers)
JEL-codes: C13 L24 L65 (search for similar items in EconPapers)
Date: 2010-11
New Economics Papers: this item is included in nep-ino, nep-ipr, nep-pr~ and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:hst:ghsdps:gd10-155

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