Regulation and Firm Size: FDA Impacts on Innovation
估计了FDA监管对不同规模制药企业研发生产率的影响，发现小企业生产率大幅下降，而大企业因竞争减少反而获益。
This article estimates the highly differential impacts of FDA regulations on pharmaceutical firms of various sizes (where size is measured as scale of R&D expenditures). Estimation is performed using the method of maximum quasi-likelihoods, using productivity trends of the United Kingdom as a control to isolate FDA regulatory effects in the United States. It is shown that smaller U.S. pharmaceutical firms suffered devastating reductions in research productivity because of FDA regulations. In contrast, the largest U.S. pharmaceutical firms apparently benefited from regulation, as sales gains due to reduced competition more than offset their quite moderate declines in research productivity.