MARKET STRUCTURE IN BIOTECHNOLOGY: IMPLICATIONS FOR LONG-RUN COMPARATIVE ADVANTAGE
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A country specializing in a high technology industry may find that excess returns stemming from innovation are reallocated overseas as foreign-based multinationals access ongoing domestic R&D through alliances with or acquisition of established domestic start-ups. Computer simulation illustrates this process in the context of the current US specialization in biotechnology.
Keywords: Biotechnology, market structure, comparative advantage