Cross-Border Alliances for Local Market Entry in Pharmaceuticals

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Pharmaceuticals are promoted worldwide, and thus international marketing and branding strategies are important. When launching drugs onto the market, there are two choices; launching the drugs directly, or forming marketing alliances to utilize a partner firm’s promotional activities. This paper examines the choice of international entry mode by Japanese pharmaceutical firms. Estimation results indicate that firms with smaller product portfolios prefer alliances when intellectual property right protection (IPP) is moderately strong. Because licensed-out and imitation products may cannibalize sales of a firm’s own products, when these risks are low, alliances are chosen. We also find that firms with larger portfolios and higher productivity prefer direct launches of high-quality products, implying that marketing activities tend to be internalized when the originator firm’s contribution to raising profits becomes more important than that of the partner firm, as the residual rights theory suggests.

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