Market for technology 2.0? Reassessing the role of complementary assets on licensing decisions |
| |
| Institution: | 1. Fox School of Business, Temple University, Philadelphia, PA 19122, United States of America;2. IESE Business School, Barcelona 08034, Spain;3. Nova School of Business and Economics, Universidade NOVA de Lisboa, Campus de Carcavelos, 2775-405 Carcavelos, Portugal;1. Nord University, Nord University Business School, Innovation and Entrepreneurship Division, Universitetsalléen 11, 8026 Bodø, Norway;2. Rudolfovo - Science and Technology Centre Novo mesto, Podbreznik 15, 8000 Novo mesto, Slovenia;3. NIHR Newcastle In Vitro Diagnostics Co-operative, Translational and Clinical Research Institute, William Leech Building, Medical School, Newcastle University, Newcastle NE2 4HH, UK;1. Federal Reserve Bank of Philadelphia, United States of America;2. Harvard Business School and NBER, United States of America;3. Harvard University, United States of America;4. Yale University, United States of America;1. Central Bank of Uruguay, Diagonal Fabini 777, 11100 Montevideo, Uruguay;2. University of the Republic, School of Economics and Administration, Institute of Economics, Gonzalo Ramírez 1926, 11200 Montevideo, Uruguay;1. Antai College of Economics and Management, Shanghai Jiao Tong University, People''s Republic of China;2. Warwick Business School, University of Warwick, United Kingdom of Great Britain and Northern Ireland;3. School of Management, Fudan University, People''s Republic of China;4. School of Computing, National University of Singapore, Republic of Singapore |
| |
| Abstract: | The ability to access specialized complementary assets has been key to explaining how firms benefit from their technological innovations. When firms lack complementary assets the more likely they have to rely on markets for technology to profit from their R&D investments. We extend this view documenting the emergence of a new type of industry intermediary, Contract Development & Manufacturing Organizations (CDMOs), which provide access to complementary assets on a per-use basis. CDMOs allow firms to contract for complementary assets at variable costs without the need to invest in such assets internally. This opens up new product development paths, in which firms do not out-license their products to firms with complementary assets but sustain their development in-house using CDMOs. We highlight that the expansion of services offered by CDMOs changes the nature of the industry's source of competitive advantage and provide empirical evidence that the expansion of CDMOs is associated with a decline in the number of out-licensing deals among US biopharmaceutical firms. In so doing, the study explains how innovation intermediaries like CDMOs can have a profound effect on an industry's specialized complementary assets and the market for technology. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
