Innovation and growth in the UK pharmaceuticals: the case of product and marketing introductions
利用英国制药业季度销售数据，研究新药和新增包装品种对企业业务单元增长的不同影响，发现新药带来短期和长期增长，而新包装仅产生短期效果，且对小企业影响更大。
Abstract New drug introductions are key to growth for pharmaceutical firms. However, not all innovations are the same and they may have differential effects that vary by firm size. We use quarterly sales data on UK pharmaceuticals in a dynamic panel model to estimate the impact of product (new drugs) and marketing (additional pack varieties) innovations within a therapeutic class on a firm’s business unit growth. We find that product innovations lead to substantial growth in both the short and long run, whereas a new pack variety only produces short-term effects. The strategies are substitutes but the marginal effects are larger for product innovations relative to additional packs, and the effects are larger for smaller business units. Nonetheless, pack introductions offer a viable short-term growth strategy, especially for small- and medium-sized businesses.