Jia, Ruixue; Ma, Xiao; Yang, Jianan; Zhang, Yiran - National Bureau of Economic Research - 2023
regulatory reform in China's pharmaceutical sector implemented in 2015. Inspired by regulatory practices in the U.S., the reform … in innovativeness (measured by novel targets unexplored by U.S. counterparts) within drug categories, the reform led to … reform. Our findings demonstrate that regulatory barriers can hinder the entry of innovative firms and suggest that …