한국 글로벌 바이오기업의 경쟁력: 제약바이오산업을 중심으로

Abstract

This study aims to evaluate the competitiveness of global biopharmaceutical companies and draw implications for the competitiveness of Korean companies. According to a comparative analysis of 750 global biopharmaceutical companies, only 16 companies has CCR, BCC, and Scale scores of 1, showing that corporate management was overall efficient, which specialized in limited drugs and field of treatments. While the biopharmaceutical companies, which are large based on sales and market capitalization, are found to be inefficient in operation. As a result of cluster analysis, four of the top 10 global companies by market cap. belong to cluster 4, which has a very efficient technology structure, suggesting that the technology productivity of global Big Pharma is very high. Censored tobit regression shows that a company's net profit rate has a statistically significant effect on all operational efficiency, including overall efficiency, pure technology efficiency, and scale efficiency, but company's market capitalization does not affect overall efficiency and has a negative effect on scale efficiency, suggesting that an operating strategy focused on improving profitability rather than growth is needed to improve efficiency. The majority of Korea's global biopharmaceutical companies, two-thirds, are found to belong to cluster 3, which is very efficient in size but has a very inefficient technology structure. As Korea’s companies are relatively superior to global companies in terms of efficiency through scale expansion, it is necessary for them to focus on improving the technology structure that efficiently increases output compared to input rather than expanding scale in the future. As tobit regression reveals, Korea's biopharmaceutical companies also need to prioritize profitability improvement rather than growth, and focus their operating scope on a limited number of areas where their core capabilities are exercised.