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The Impact of M&A on R&D in Pharmaceutical Industry
In the framework of this research the impact of M&A activities (Mergers and Acquisitions) of pharmaceutical companies on R&D (Research and Development) was analyzed. The pharmaceutical industry has had the second largest R&D spending for the last 10 years. That is why this analysis is актуальный. The study sample consisted of 129 largest pharmaceutical companies that have participated in M&A transactions in the period 2000 to 2010. In the work propensity score matching and the method of difference-difference estimation were used. Based on the analysis of firms’ degree of activity in research and development in the period from 2000 to 2010 it was found that the acquisitions exhibit negative short-term effects on the cost of research and development, and long-term positive effect on the amount of patentable objects.