Nishimura, Junichi; Okada, Yōsuke - 2010
We examine how R&D portfolios of drug pipelines affect pharmaceutical licensing, controlling firm size, diversity, and … process into an early stage and a late stage. Estimates from the fixed-effect GMM model reveal that drug pipelines … significantly affect stage-specific licensing. Particularly, the state of drug pipelines is leveled off by license-outs at the early …