Micro data analysis about the impact of policy-induced change in competitive environment on innovation

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In 1998, the Japanese system of reviewing new ethical drugs has drastically changed in favor of exploiting the results from clinical trials conducted abroad. After this institutional change, foreign companies, who can conduct clinical trials abroad in advance, became less dependent on cooperative development with Japanese pharmaceutical companies. Success probability of cooperative drug development is higher when foreign companies participated in the project. This higher rate of success is mainly due to their appropriate choice of cooperating partners, rather than their advantage that they can get a head start by finalizing clinical trials abroad in advance.