The Quest for Global Competitiveness of Korea’s Bioindustries

초록

Korea’s bioindustries from 2006-2020 exhibited the following factors: In the precision instrument industry, technical progress and the entry of new vertically integrated with capital-share (VI) players, and technical progress and the transition of self-selecting firms from a VI structure to an NV structure, and vice versa, in the non-VI (NV) structure, fueled productivity growth. In the pharmaceutical sector, within the VI structure, technical retrogression, deteriorating allocative efficiency, and VI firms with extensive business durations impeded productivity growth; however, improvements in technical efficiency boosted it. In the NV structure, while technical progress propelled productivity growth, declining technical efficiency presented a hindrance.

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