The biopharmaceutical industry has a high future growth potential, characterized by enormous R&D investment, high risk and high return, strict regulations by regulators and the occurrence of economies of scale at the global market level. The bioph...
The biopharmaceutical industry has a high future growth potential, characterized by enormous R&D investment, high risk and high return, strict regulations by regulators and the occurrence of economies of scale at the global market level. The biopharmaceutical companies that are in the nature of the R&D-oriented and state-controlled industry have come to seek new and diverse business models to efficiently develop products. In addition, Biopharmaceutical companies has increasingly embraced open innovative R&D models, moving away from the existing closed R&D approach. In response to recent changes in the external environment, this study was classified Korea biopharmaceutical companies by business modes and was analyzed the corporate efficiency. Next, by checking the trend of changes in corporate efficiency by business model, the change in corporate efficiency was analyzed during the analysis period. Finally, the factors affecting corporate efficiency were analyzed from an open innovation perspective to analyze which innovation activities affect corporate efficiency. The analysis data was from 2015 to 2021 of the ‘Bio Industry Survey’ conducted by the Korea Biotechnology Industry Organization (KBIO) every year through surveys, and the actual analysis was analyzed from 2018 to 2021 reflecting the three-year performance lag. First, Korea biopharmaceutical companies were classified into an ‘Integrated business model group’ that combines production and research, and a ‘R&D focused business model group’ that generates profits by focusing on research. As a result of analyzing corporate efficiency using the DEA analysis method, the R&D focused business model group was analyzed to be more efficient than the Integrated business model group and the comparison by size was analyzed to be highly efficient for companies with large sales. Next, Korea biopharmaceutical companies based on business model was checked Malmquist productivity index, as a result, during the analysis period, including the period when COVID-19 was severe, Korea biopharmaceutical companies saw their overall efficiency increase. However, this efficiency was analyzed to have a greater impact on internal management such as management efficiency than technological innovation. Finally, Tobit analysis was conducted to confirm the factors affecting this efficiency from an open innovation perspective and among the open innovation types, non-technical cooperation types were found to have a positive (+) effect on corporate efficiency rather than technological cooperation types. In individual activities, it was confirmed that joint ventures had a positive (+) effect, and joint research had a negative (-) effect. It is judged that three years of R&D time in the biopharmaceutical field is insufficient to confirm its effectiveness. However, because of the analysis based on the start of open innovation, it was confirmed that joint research had a positive (+) effect in some groups, reaffirming that R&D is an area that requires long-term support. Through the above analysis, Korea biopharmaceutical industry was found that R&D focused business model companies were managing more efficiently than Integrated business model companies that produce and research at the same time. And it was confirmed that corporate efficiency needs to be increased by improving sales volume. In addition, it was confirmed that biopharmaceutical companies require intensive investment in R&D, but financial investment is an efficient management strategy rather than R&D that requires long-term resource investment to increase efficiency in the short term. Through this study, we can identify the characteristics of business models and open innovation in the Korea biopharmaceutical industry, and what efforts need to be made to increase the efficiency of the company. Key words: Biopharmaceutical industry, Corporate efficiency, Business model, Open Innovation, DEA, Tobit, Malmquist index