Neuberger Arthur, Oraiopoulos Nektarios, Drakeman Donald L
Department of Pharmacology, University of CambridgeCambridge, United Kingdom.
Cambridge Judge Business School, University of CambridgeCambridge, United Kingdom.
Front Pharmacol. 2017 Jun 2;8:338. doi: 10.3389/fphar.2017.00338. eCollection 2017.
Thousands of biotech companies are developing promising products, but have insufficient resources to complete the clinical testing process, while large, well-funded companies have increasingly focused on the need to access external innovation. As a result, licensing deals are an essential and growing part of this industry. Yet, casting a shadow over the licensing market is the classic Lemons Problem: Does asymmetrical information put licensees at a severe disadvantage, leading to a market dominated by inferior opportunities, with the best products retained for internal development? Our analysis of clinical stage products developed over three decades shows that there is no Lemons Problem. We discuss the results of this first apples-to-apples analysis of the biomedical licensing market, and suggest reasons why the Lemons Problem does not exist where it might be most expected-in a high technology, knowledge-based industry.
数千家生物技术公司正在开发前景广阔的产品，但却缺乏足够资源来完成临床试验过程，而资金雄厚的大公司则越来越注重获取外部创新成果。因此，授权交易是该行业至关重要且不断增长的一部分。然而，经典的“柠檬问题”给授权市场蒙上了一层阴影：信息不对称是否会使被授权方处于严重劣势，导致市场被劣质机会主导，而最佳产品则留作内部开发？我们对三十多年来开发的临床阶段产品的分析表明，不存在“柠檬问题”。我们讨论了对生物医学授权市场首次进行的同等情况分析的结果，并指出了在这个高科技、知识型行业中最可能出现“柠檬问题”的地方却不存在该问题的原因。
