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| Author: | Grewal, R. (et al.) |
| Title: | Counting chickens before the eggs hatch: Associating new product development portfolios with shareholder expectations in the pharmaceutical sector |
| Journal: | International Journal of Research in Marketing
2008 : DEC, VOL. 25:4, p. 261-272 |
| Index terms: | marketing health pharmaceutical industry product development new products innovation shareholder value |
| Language: | eng |
| Abstract: | Drug development is the key issue for pharmaceutical firms' competitiveness and a critical source of innovation for the healthcare industry. This study proposes a set of generic descriptors of new drug portfolio strategies, e.g. portfolio depth and breadth,... and drug development process' (here as: dvp.) stages. These descriptors are related to Tobin's q, a forward-looking measure of shareholder expectations. Using a latent class regression analysis, it is shown that shareholder expectations of firms with broad new drug portfolios and potential blockbusters are positive. For most firms, shareholders' focus is on the final stage of the dvp., deemphasizing portfolio depth. In contrast, for a minority of mostly small firms, shareholders seem to value the earlier stages of the dvp., highlighting portfolio depth. |
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