The Impact of Mergers and Acquisitions in Research-Based Pharmaceutical Companies on Productivity

Raymond R. Tjandrawinata, Destrina Grace Simanjuntak
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引用次数: 6

Abstract

This paper analyzes the impact of mergers and acquisitions (M&A) activities in research-based pharmaceutical companies, specifically the impact of R&D expenditure, sales revenue, and R&D intensity on firms’ productivity, on drug approval in pharmaceutical industries following M&A activities. The model was estimated using annual data, gathered from eight large research-based pharmaceutical companies in the world post-M&A, during the period 2003 until 2010. The regression analysis method uses a pooled regression method with generalized least square (GLS) analysis. The result further shows that following M&A activities, firms’ one-year lagged sales revenue (t-1) and R&D intensity to be positive in increasing significantly the firms’ amount of total approval of drugs in research-based pharmaceutical industries, while, surprisingly firms’ one-year lagged R&D expenditure (t-1) have a negative impact in increasing significantly the firms’ amount of total approval of drugs in research-based pharmaceutical industries.
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研究型制药企业并购对生产率的影响
本文分析了研究型制药企业并购活动对并购后制药行业药品审批的影响,特别是研发支出、销售收入和研发强度对企业生产率的影响。该模型是根据2003年至2010年期间从全球并购后的8家大型研究型制药公司收集的年度数据估算出来的。回归分析方法采用广义最小二乘(GLS)分析的混合回归方法。研究结果进一步表明,并购后企业的1年滞后销售收入(t-1)和研发强度对企业在研究型制药行业的药品总批准量显著增加具有正影响,而企业的1年滞后研发支出(t-1)对企业在研究型制药行业的药品总批准量显著增加具有负影响。
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