دانلود مقاله ISI انگلیسی شماره 41701
عنوان فارسی مقاله

تجدید ساختار و نوآوری در داروسازی و فناوری زیستی: تاثیر مالیگرایی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
41701 2014 11 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Restructuring and innovation in pharmaceuticals and biotechs: The impact of financialisation
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Critical Perspectives on Accounting, Volume 25, Issue 1, February 2014, Pages 67–77

کلمات کلیدی
منافع عمومی - مالیگرایی - داروسازی بزرگ - شرکت های زیست فناوری
پیش نمایش مقاله
پیش نمایش مقاله تجدید ساختار و نوآوری در داروسازی و فناوری زیستی: تاثیر مالیگرایی

چکیده انگلیسی

In this paper we explore whether a financialisation perspective can provide a more empirically satisfying account of recent developments in the pharmaceutical industry than the more commonly used resource-based or transaction cost approaches. Specifically, we note the evolution of the pharmaceutical industry structure from giant vertically integrated firms, selling patent protected blockbuster products at premium prices, to greater vertical disintegration. Big Pharma1 now sources a significant volume of early stage R&D activity externally, through outright acquisitions or alliances, especially with biotechnology firms. Much of the reason for such vertical disintegration is to be found in the fundamental tension experienced between the high R&D spend necessitated by the cost of pharmaceutical innovation and declining returns on this expenditure in terms generating new product sales and FDA approval rates, which have remained broadly constant at an average of 20–35 approvals per year. The new R&D outsourcing strategy has not delivered an increase in marketable drug discoveries or new ‘blockbuster’ profits. Instead, shareholder returns have been maintained through Big Pharma's decision to distribute cash back to shareholders via share buybacks and dividends (as advocated by Jensen). Thus we conclude that such developments within Big Pharma worldwide are best explained through the lens of a financialisation, as opposed to a resource-based or transaction cost framework.

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