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A Deeper Analysis on Pharmaceutical Submarket Concentration: the US market in 1987-1998

Francesca DI Iorio () and Maria Letizia Giorgetti ()

Departmental Working Papers from Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano

Abstract: 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.

Keywords: Submarket concentration; Pharmaceuticals; Product launches; Logit (search for similar items in EconPapers)
JEL-codes: L25 L65 C23 C25 (search for similar items in EconPapers)
Date: 2017-01-11
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