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| Author: | Bottazzi, G. |
| Title: | Innovation and corporate growth in the evolution of the drug industry |
| Journal: | International Journal of Industrial Organization
2001 : JUL, VOL. 19:7, p. 1161-1187 |
| Index terms: | INNOVATION COMPANY GROWTH PHARMACEUTICAL INDUSTRY |
| Language: | eng |
| Abstract: | This work-studies the processes of growth of the worlds top 150 pharmaceutical firms, on the grounds of an original database which also allows disaggregate analysis at the level of single therapeutical classes and chemical entities. The authors' findings show that the industry - whose long- term evolution is driven by innovation, imitation and permanent creation of new markets - displays (i) "fat tails" in the distribution of growth shocks, present at all levels of aggregation, with (relatively rare) big "spurs of growth" (ii) a significant autocorrelation of growth rates, (iii) a fall of variance of growth rates with size entirely dependent on corporate diversification patterns, in turn plausibly shaped by the "competence scope" of each firm, and (iv) different "lifecycles" of diverse types of products. |
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