R&D grants and medical innovation

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-01-01 DOI:10.1016/j.jeconbus.2023.106148

Omer Unsal , Reza Houston

引用次数: 0

Abstract

This paper examines the relationship between government-funded R&D grants in the US and pharmaceutical firm innovation. We find a positive and robust relationship between grant receipt, future patents, and medical innovations. The strength of the relationship between R&D grants and pharmaceutical innovation is attenuated by firm lobbying but strengthened by industry competition, geographic dispersion, and leverage. Investors recognize the unequal value added by grant receipt. R&D grant receipt also impacts future financial performance and sales growth. Our results indicate that the relationship between R&D and innovation is more nuanced than previously identified.

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研发补助金和医疗创新

本文研究了美国政府资助的研发补助金与制药企业创新之间的关系。我们发现，获得资助、未来专利和医药创新之间存在稳健的正相关关系。企业游说削弱了研发补助金与医药创新之间关系的强度，而行业竞争、地域分散和杠杆作用则加强了这种关系的强度。投资者认识到了获得研究与开发补助金所带来的不平等增值。研发补助金的获得也会影响未来的财务业绩和销售增长。我们的研究结果表明，研究与开发和创新之间的关系比以前所发现的更加微妙。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

JOURNAL OF ECONOMICS AND BUSINESS BUSINESS, FINANCE-

CiteScore

6.20

自引率

2.60%

发文量

期刊介绍： Journal of Economics and Business: Studies in Corporate and Financial Behavior. The Journal publishes high quality research papers in all fields of finance and in closely related fields of economics. The Journal is interested in both theoretical and applied research with an emphasis on topics in corporate finance, financial markets and institutions, and investments. Research in real estate, insurance, monetary theory and policy, and industrial organization is also welcomed. Papers that deal with the relation between the financial structure of firms and the industrial structure of the product market are especially encouraged.