Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The factors affecting therapeutical diversification of domestic pharmaceutical companies in Korea

국내 제약기업의 치료제 질환분야 다각화 결정요인

  • 정승연 (성균관대학교 약학대학) ;
  • 이상원 (성균관대학교 약학대학)
  • Received : 2018.07.24
  • Accepted : 2018.10.05
  • Published : 2018.10.31
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Abstract

This study is to identify factors influencing therapeutic diversification strategy for Korean pharmaceutical companies. So, it purposes to find deciding factors for companies to adopt strategy for diversification or specialization. In this paper, we set six factors that are expected to influence diversification. The factors are asset scale, sales, profitability, and growth potential. Also, we included number of employees and SG&A cost ratio as factors that reflect business characteristics. We analyzed the impacts of each factor on diversification and found a relationship amongst each other. In this paper, regression analysis is applied with forward selection method, considering that it takes 5 years for companies to decide on diversification strategy. As a result, asset scale, the number of employees and profitability have significantly influenced decisions of diversification at t-1 time, and growth potential was significantly influenced at t-2 time. Korean pharmaceutical companies generally tend to go with specialization model if they have larger asset scale, higher profitability and growth potential. However, they have tendency to decide on diversification strategy, if they have large number of employees. Overall, the result of this study is expected to provide useful information for Korean pharmaceutical companies to set the suitable strategy for their situation to become a competitive company in global pharmaceutical market.

본 연구는 국내 상장제약기업을 대상으로 치료제 질환분야의 다각화 결정요인에 대해 분석함으로써, 최근 화두가 되고 있는 치료제 질환분야에서의 전문화 또는 다각화 전략을 결정짓는 요인이 무엇인지 살펴보았다. 본 연구에서는 자산규모, 매출액, 수익성, 성장성 등 요인들을 설정하고 추가적으로 영업적인 특징을 나타내는 요인인 판매관리비율과 직원 수를 추가하여 이들이 다각화 전략에 어떠한 영향을 미치는지 확인하였다. 연구방법에서는 각 요인들이 다각화에 영향을 미치기까지 걸리는 시간을 감안하여 t-1부터 t-4까지의 시차를 고려하여 변수들을 추가하는 전진선택법 회귀분석을 시행하였다. 총 6가지 요인 중 자산규모와 직원 수, 수익성이 t-1의 시점에서 성장성은 t-2시점에서 다각화의 결정에 유의한 영향을 미쳤다. 국내 상장제약기업들은 자산규모가 클수록, 높은 수익성과 성장성을 가질수록 오히려 소수의 질환분야로 집중화하는 경향을 보였고, 직원 수가 많을수록 다양한 질환분야에 진출하였다. 이는 한 분야의 전문화를 위한 깊이 있는 연구개발의 투자를 위해서는 큰 자산규모와 수익성 및 성장성이 뒷받침이 되어야하기 때문일 것으로 생각된다. 본 연구는 국내 제약기업들이 경쟁력 있는 기업으로 나아가기 위해 자신에게 맞는 다각화 또는 전문화 전략을 세우는데 유용한 정보를 제공할 것으로 기대된다.

Keywords

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