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We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical andnovel innovation. We do so by introducing a new measure of novelty: a drug candidate is novelif it is molecularly distinct from prior candidates. Using our measure, we show that firms face arisk-reward...
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implemented almost immediately to salvage the sector. In this context, the paper analyzes the potential for India to develop its … different approaches. Secondary data analysis tells us that high value manufacturing in India exists only in islands. Cross … country comparisons with other East Asian economies such as Korea, Japan and China reveal that India has an opportunity to …
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