Research Expenditures and the Discovery of New Drugs
利用泊松模型估计制药企业研发支出与新药发现之间的生产率关系，发现研发强度正向影响新药发现概率，但企业规模不影响研发边际生产率，而监管严格程度会降低新药发现数量。
This paper examines technical change in the ethical pharmaceutical industry. A Poisson specification is used to estimate a productivity relationship between research expenditures and drug discoveries, thus taking into account the integer nature of the data. The result s of estimations using panel data indicate that there is a positive c orrelation between a firm's research and development intensity and it s probability of discovering a new drug. Firm size, however, does not significantly affect the marginal productivity of research expenditu res. Finally, the estimates show that an increase in regulatory strin gency decreases the expected number of new drug discoveries. Copyright 1987 by Blackwell Publishing Ltd.