제약기업의 지식재산권 지원정책에 따른 부가가치 창출에 관한 연구 ― 의약품 허가특허연계제도를 중심으로

This study analyzes whether policy tools that ensure the profits of technology innovation companies can act as a driving force that creates market innovation. In the technology-intensive pharmaceutical industry, research and development investment size is extensive, and intellectual property rights protect R&D performance, which raises the entry barrier for latecomers. As for synthetic drugs, however, publicly stipulated technology makes it easier for latecomers to manufacture generic drugs. The pharmaceutical patent-regulatory approval linkage system plays a role in maintaining market innovation dynamics under the high-risk, high-profit pharmaceutical industry by ensuring the interests of leading companies which develop original drugs and their first generics for some time. The study used 639 pharmaceutical companies’ financial data to find out whether these policy tools contribute to corporate added value. After utilizing propensity score matching (PSM), the study found out that leading companies, which applied the policy, had greater R&D expenses, more skilled manpower, and higher net income and operating profits. In addition, leading companies’ value added per capita was higher than that of other companies which did not utilize the policy. This shows that policy tools that protect the interests of innovation companies are playing a positive role in contributing to firm’s value.