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Mergers and innovation in the pharmaceutical industry

机译：制药行业的合并与创新

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Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of these trends is not sufficient to determine causation. In response to lagging innovation prospects, some companies have sought refuge in mergers and acquisitions to disguise their dwindling prospects or gain R&D synergies. On the other hand, the increased concentration brought on by recent mergers may have contributed to the declining rate of innovation. In this paper, we consider the second of these causal relationships: the likely impact of the recent merger wave among the largest pharmaceutical companies on the rate of innovation. In other words, have recent mergers, which may have been taken in response to lagging innovation, represented a self-defeating strategy that only made industry outcomes worse?
机译：矛盾的趋势使制药业感到困惑。近年来，药物创新的生产率下降了。同时，作为药物研发的主要引擎的大公司也越来越集中。这些趋势的同时存在不足以确定因果关系。为了应对落后的创新前景，一些公司寻求庇护并购，以掩饰其萎缩的前景或获得研发协同效应。另一方面，新近合并带来的集中度提高可能导致创新率下降。在本文中，我们考虑了这些因果关系中的第二个：最大制药公司之间最近的并购浪潮对创新率的可能影响。换句话说，为应对滞后的创新而进行的近期合并是否代表了一种自欺欺人的战略，只会使行业结果恶化？

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