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An Analysis on the Determinants of Efficiency of the Pharmaceutical Firms using Stochastic Frontier Analysis
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Stochastic Frontier Analysis를 이용한 제약회사의 효율성과 그 결정요인분석

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Type
Academic journal
Author
Sakong, Jin (한양대학교) Kim, Jeongkyu (한국개발연구원 규제연구센터)
Journal
Korea Academy of Health Policy and Management 보건행정학회지 보건행정학회지 제25권 제2호 KCI Accredited Journals
Published
2015.1
Pages
97 - 106 (10page)

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An Analysis on the Determinants of Efficiency of the Pharmaceutical Firms using Stochastic Frontier Analysis
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Background & Methods: The purpose of this research is to estimate the efficiency of the pharmaceutical firms and the determinants of their efficiency. Stochastic frontier analysis(SFA) and panel study are applied to the data of 60 domestic pharmaceutical firms from 2006 to 2012. Results & Conclusion: First, the result of the stochastic frontier analysis shows that overall efficiency of the pharmaceutical firms is increasing as time goes by. However, if firms are classified by the scale, the larger firms show more efficiency and if classified by the degree of innovativeness, the innovative firms show more efficiency compared to the non-innovative firms. This evidences show that the scale and R&D investment have significant relationships with the efficiency of the pharmaceutical firms. Therefore, it is necessary to increase the national level of investment for the fundamental researches to vitalize R&D of the new drugs. Second, the result of estimation of the determinants of efficiency shows that the firms with larger sales promotion expenses and entertainment expenses have less efficiency compared to the other firms. This can be explained by the structural characteristics of the small generic pharmaceutical firms. Therefore, the government had better make the pharmaceutical firms to reduce sales promotion and entertainment expenses and increase R&D expenses by introducing systems such as global budgeting system on medicine or reference pricing system.
#Stochastic frontier analysis #pharmaceutical firm #efficiency #panel data #panel study

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References (36)

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Korea Health Industry Development Institute / 2012 / Health industry statistics / Korea Health Industry Development Institute google schola 김우봉 / 2002 / 국내 상장 제약회사의 경영효율성 측정에 관한 연구: DEA모형의 동태적 적용 / 경영학연구 31(6):12~1762 dbpia 이동한 / 2013 / Super DEA를 이용한 국내 제약사 광고비 효율성 분석 : 의약분업 이전과 10년 경과 후 매출액에 대한 광고비 효율성 변화를 중심으로 / 광고학연구 24(1):157~181 google schola G. E. Battese / 1995 / A model for technical inefficiency effects in a stochastic frontier production function for panel data / Empirical Economics 20(2):325~332 Crossref 유상열 / 2013 / 국세징수의 효율성 평가와 그 결정요인 탐색－확률적 프런티어 생산함수의 적용－ / 세무학연구 30(1):135~161 google schola

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