Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry
利用制药行业的新数据，研究并购对产品价格和创新的影响，发现市场整合导致药品价格平均上涨2%，并促进标签和制造相关创新，但未推动新药开发。
ABSTRACT Using novel data from the pharmaceutical industry, we study product prices and innovation around mergers. Exploiting within‐deal variation in product market consolidation, we show that prices increase more for drugs in consolidating markets than for matched control drugs. Estimates indicate a 2% average price effect that persists for about one year. Price increases expand with acquirer‐target product similarity and are more pronounced within less competitive product markets with fewer players and no generic competition. Examination of trade‐offs reveals these deals generate significant shareholder value. They also spur labeling and other manufacturing‐related innovation, but not the development of new drugs.