stage pharmaceutical innovation? We explore this question using novel data sources and an empirical framework that models … implications of our results for long-run welfare, policy, and innovation …

products to China. We find causal evidence that offshoring impacts both the level and nature of innovation. In the technologies … directly related to product categories that could be offshored more easily after the policy shock, overall innovation levels … decline and innovative effort shifts away from product innovation and towards process innovation. However, we also find …