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Risk-sharing in Pharmaceutical R&D Collaborations

versione breve The pharmaceutical industry is exposed to severe conditions: While a typical R&D process lasts up to 13 years, only one out of 10'000 substances becomes a marketable product. At the same time, R&D spending has arrived at a record level today; total R&D expenditures in the pharmaceutical industry exceeded US$ 33 billion in 2003, and the average R&D costs per new drug approval reached close to US$ 1 billion. More and more pharmaceutical firms rely on vast networks of contacts with various different partner firms, and increasingly intend to include their partners to share some part of the drug development risks. As a consequence, several novel vehicles and contractual arrangements for risk-sharing have emerged, which have not been subject to management research so far.
This research provides a preliminary typology of risk-sharing archetypes highlighting four different types of R&D collaborations (research alliances, in-licensing, co-development, and out-licensing). Whereas research alliances, in-licensing, and co-development are quite established collaboration approaches, out-licensing has long been considered a difficult task due to moral hazard issues and asymmetric information problems. However, some companies have recently adopted this strategy to utilize external resources for the development of internally developed substances in order to share R&D risks.
Therefore, this research is expected to derive a model for structuring risk-sharing in collaborative projects in pharmaceutical R&D particularly focusing on out-licensing agreements.
   
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homepage http://www.item.unisg.ch
partner
tipo progetto di dissertazione
status completato
inizio progetto 2004
fine progetto 2005
informations additionelles Aufenthaltsort: Columbia University, Graduate School of Business, New York, USA
Referenten: Prof. Dr. Oliver Gassmann, Prof. Dr. Fritz Fahrni (beide ITEM-HSG)
argomenti
metodi
contatto Gerrit Reepmeyer