In this study, the technology innovation capacity of the Pharmaceutical-bio industry was derived through previous research, and the effect of this technology innovation capacity on management performance and firm value was analyzed. The Pharmaceutical...
In this study, the technology innovation capacity of the Pharmaceutical-bio industry was derived through previous research, and the effect of this technology innovation capacity on management performance and firm value was analyzed. The Pharmaceutical-bio industry is a next-generation flagship industry, and active efforts are being made for research and development and technology innovation worldwide.
New medicine development is characterized by complex R&D over a long period of time compared to other industries everage. Until now, various studies have been conducted to explain the characteristics of the Pharmaceutical-bio industry, but research on the technology innovation capability of the Pharmaceutical-bio industry is still lacking.
In this study, the main factors of technology innovation capacity of the Pharmaceutical-bio industry were derived and the impact of these factors on management performance and firm value was studied using multiple regression analysis. The research results are as follows.
First, this study confirmed that the amount of knowledge assets of Pharmaceutical-bio firms had a positive (+) effect on operating profit and sales. However, R&D investment did not produce significant results on operating profit and sales. Second, the amount of knowledge assets and R&D investment of Pharmaceutical-bio firms had a positive (+) effect on their firm value.
The results of this study are presumed to be influenced by the nature of the industry, in which R&D activities of domestic pharmaceutical bio companies focus on the development of new medicine and generic drugs rather than the development of new medicine, and the time lag analysis period of 3 years conducted in this paper.