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The Funding of Biopharmaceutical Research and Development by D. R. Williams

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2

Synopsis of theories of the firm and valuation methods

Abstract:

This chapter examines some of the more pertinent theories of the firm and relates them to the biopharmaceutical market. It examines both the purpose of the firm and the determinants of the scope and scale of the firm. It also introduces some of the more useful financial valuation methods for biopharmaceutical products.

Key words

corporate control

industrial organization economics

resource-based view of the firm

innovation and entrepreneurship

net present value

risk-adjusted net present value

real option

2.1 Introduction

As the U.S. National Research Council of the National Academies reminds us, ‘biologists use a theoretical and conceptual framework to inform the entire scientific ...

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