우리나라 제약산업의 연구개발(R&D)투자가 기업성과에 미치는 영향 = The Effect of R&D Investment for the Business Performance of the Firms in Korean Pharmaceutical Industry

다국어 초록 (Multilingual Abstract)

We described market data and R&D actual condition in pharmaceutical industry and investigated the relation between R&D expenditures and earnings of subsequent years in pharmaceutical industry by Lag-model. Korea’s R&D expenditure is fairly high as it is about 3~5% to other industries, but low level compared to industrialized countries’pharmaceutical companies as it is about 10~20%.
The results didn’t show accumulation effect of R&D activities that prior year’s R&D activities can have a significant positive effects of R&D expenditures on the firms ordinary profit rate this year.
The result showed a positive association between this year’s ordinary profit rate and R&D intensity lagged by one year. But there was a negative association and wasn’t statistically significant between this year’s ordinary profit rate and R&D intensity lagged by two or three year.
The hypothesis was supported and statistically significant that R&D activities lagged by one year can have a significant positive effects of R&D expenditures on the firms ordinary profit rate this year.
This result reflected Korea’s pharmaceutical industry structure focusing on R&D activities are focused on generic drug and IMD, but we can think that R&D intensified companies have a better advantage in achieving management performance if introduced IP(Intellectual Property) enforcement policy and drug positive list system.