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首页> 外文学位 >Price regulation, capital market imperfections, and strategic R&D investment behavior in the pharmaceutical industry: Consequences for innovation.
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Price regulation, capital market imperfections, and strategic R&D investment behavior in the pharmaceutical industry: Consequences for innovation.

机译：医药行业的价格监管，资本市场缺陷和战略性R＆D投资行为：创新的后果。

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摘要

The research in this thesis focuses on the pharmaceutical R&D investment decision. The two primary hypotheses I test are that: (1) capital market imperfections in the market for pharmaceutical R&D finance impart a lower cost of capital to internal funds relative to external debt and equity, and (2) pharmaceutical price regulation diminishes the incentives to invest in R&D.; This thesis is separated into a theoretical chapter, four empirical chapters, and three empirical appendices. Chapter Two develops a q-model framework for analyzing the determinants of pharmaceutical R&D investment. Chapters Three and Four empirically test the capital market imperfections hypothesis using a variety of statistical methods. Chapter Five builds upon the work in Chapters Three and Four and tests the hypothesis that pharmaceutical price regulation diminishes incentives to invest in R&D. Finally, Chapter Six employs a computer simulation model of pharmaceutical innovation and competition to study how price regulation in the U.S. could affect R&D investment and innovation.; My findings reveal that cash flows are an important determinant of pharmaceutical R&D investment. This was the case independent of the sample of firms considered, the time period studied, and the model specification estimated. My results indicate that a {dollar}100 decrease (increase) in firm cash flows will result in a {dollar}6–{dollar}38 decrease (increase) in firm R&D investment. Evidence was also uncovered suggesting that pharmaceutical price regulation exerts a substantially negative influence on firm R&D investment intensity. This result was robust to multiple model specifications. The computer simulation experiments undertaken in Chapter Six obtained results consistent with those reported in Chapter Five. However, given the vastly different methodology employed, numerous other results and discoveries were also obtained. Throughout the course of the aforementioned research I investigated several other related issues as well. For example, within the context of my general R&D investment model, I considered the issue of simultaneity and causality. I also explored in greater depth the precise nature of the relationship between pharmaceutical price regulation and pre-tax pharmaceutical profitability, and estimated that pharmaceutical price-cost margins in the U.S. are, on average, approximately four times higher than non-U.S. pharmaceutical price-cost margins.
机译：本文的研究主要集中在医药研发投资决策上。我测试的两个主要假设是：（1）相对于外债和股权，药品研发融资市场中的资本市场不完善导致内部资金的资本成本降低;（2）药品价格监管削弱了投资动机在研发中。本论文分为理论篇，四个实证章和三个实证附录。第二章建立了一个q模型模型框架，用于分析药品研发投资的决定因素。第三章和第四章使用各种统计方法对资本市场缺陷假设进行实证检验。第五章以第三章和第四章的工作为基础，并检验了药品价格管制削弱了研发投资动机的假设。最后，第六章采用药物创新和竞争的计算机模拟模型研究美国的价格监管如何影响研发投资和创新。我的发现表明，现金流是医药研发投资的重要决定因素。这种情况独立于所考虑的公司样本，研究的时间段和估计的模型规格。我的结果表明，公司现金流量减少100美元（增加）将导致公司R＆D投资减少6美元至38美元（增加）。还发现了证据，表明药品价格监管对企业的研发投资强度产生了实质上的负面影响。该结果对于多种模型规格均很可靠。第六章中进行的计算机模拟实验获得的结果与第五章中报道的结果一致。但是，由于采用了截然不同的方法，因此也获得了许多其他结果和发现。在上述研究的整个过程中，我还研究了其他几个相关问题。例如，在我一般的R＆D投资模型的背景下，我考虑了同时性和因果关系的问题。我还更深入地研究了药品价格监管与税前药品获利能力之间关系的确切性质，并估计美国的药品价格成本利润率平均约为非美国药品价格利润的四倍，成本利润率。

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  • 作者

    Vernon, John Andrew.;

  • 作者单位

    University of Pennsylvania.;

  • 授予单位 University of Pennsylvania.;
  • 学科 Health Sciences Health Care Management.; Business Administration Management.; Economics General.
  • 学位 Ph.D.
  • 年度 2003
  • 页码 318 p.
  • 总页数 318
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 预防医学、卫生学;贸易经济;经济学;
  • 关键词

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