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Drug Discov Today. 2017 Dec;22(12):1749-1753. doi: 10.1016/j.drudis.2017.06.002. Epub 2017 Jun 21.
There is current uncertainty regarding the effects of mergers on pharmaceutical R&D productivity, with various mechanisms reported by which mergers could either help or harm R&D, and mixed empirical findings in prior analyses. Here, we present an analysis that is novel in several ways: we use downstream measures of R&D productivity, account for both inputs and outputs in our calculations, and use a self-controlled design. We find that recent large pharmaceutical mergers are associated with statistically significant increases in R&D productivity. These results are perhaps not surprising in light of the broader literature on R&D productivity that points to two factors as instrumental in driving higher R&D productivity (depth of scientific information, and objectivity of decision-making based on that information), both of which could be expected to increase because of a merger.
目前对于并购对制药研发生产力的影响还存在不确定性，有各种不同的机制表明并购可能有助于或损害研发，并且之前的分析中也存在混合的经验结果。在这里，我们提出了一种在几个方面具有创新性的分析：我们使用研发生产力的下游指标，在计算中同时考虑投入和产出，并使用自我对照设计。我们发现，最近的大型制药业并购与研发生产力的统计学上显著增长有关。鉴于关于研发生产力的更广泛文献指出有两个因素对推动更高的研发生产力至关重要（科学信息的深度和基于该信息的决策客观性），这些结果也许并不令人惊讶，因为这两个因素都可能因为并购而增加。
