TITLE

The determinants of pharmaceutical research and development expenditures

AUTHOR(S)
Grabowski, Henry; Vernon, John
PUB. DATE
January 2000
SOURCE
Journal of Evolutionary Economics;2000, Vol. 10 Issue 1/2, p201
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Abstract. Since the late 1970s, pharmaceutical R&D has grown at a rapid rate relative to sales and other variables. In this paper, we examine the determinants of pharmaceutical R&D using a pooled data sample of 11 major drug firms over the period 1974 to 1994. We find that expected returns and cash flows are important explanatory variables of firm research intensities during this period. This is consistent with our results for an earlier sample period characterized by very different growth patterns on R&D.
ACCESSION #
4719515

 

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