Patent Quality and R&D Productivity in Pharmaceuticals: The Role of Inflation and International Collaboration

Messinis, George ORCID: 0000-0002-2484-9522 (2005) Patent Quality and R&D Productivity in Pharmaceuticals: The Role of Inflation and International Collaboration. Working Paper. Victoria University, Melbourne, Australia.

Abstract

Lanjouw and Schankerman (2004) proposed that patent quality is a key driver of R&D productivity but did not find supportive evidence for pharmaceuticals. This study revisits this hypothesis using OECD data for the period 1980-2000. It extends the literature in three ways: it develops new R&D price deflators to account for R&D price inflation; it employs two complementary indicators of patent quality, and applies dynamic panel data estimation techniques. When corrections are made for cross-sectional dependence, two major findings emerge: international inventor collaboration is an important indicator of patent quality, and there is strong support for the maintained hypothesis.

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Item type Monograph (Working Paper)
URI https://vuir.vu.edu.au/id/eprint/109
DOI 27
Subjects Historical > RFCD Classification > 320000 Medical and Health Sciences
Historical > FOR Classification > 1101 Medical Biochemistry and Metabolomics
Historical > Faculty/School/Research Centre/Department > Centre for Strategic Economic Studies (CSES)
Keywords patent quality; R&D Productivity; inflation; international collaboration
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