Synergies Unveiled: Exploring the Nexus Between Pharmaceutical Industry Expansion, Economic Development, and Biotechnology Patent Applications in the UK

Ayesha Khan
Roehampton University, UK
Xu Kai
Coventry University London Campus, UK

DOI:https://doi.org/10.5912/jcb2204

Abstract:

Over the years, the continuous growth in the pharmaceutical industry has encouraged various governments and other related organizations to incorporate effective biotechnology innovations, focusing on biotechnology patent applications to contribute to the economic development of the associated country. Therefore, the current research has also focused on the impact of economic development (GDPG), population (POP), pharmaceutical industry revenue (REV) and research and development expenditure (RNDEX) on the biotechnology patent (PAT) within the context of UK. In this regard, the impact of R&D employees (RR_D) is also observed. For this study, the secondary quantitative data concerning the variables of the study, was collected from related online sources and organization websites from a period of 2006 to 2019. Ordinary least square (OLS) regression analysis was used for testing the association between the variables. The results obtained from this study showed that all variables including GDPG, POP, RNDE and RR_D, have significant impact on PAT (p < 0.05). However, REV has an insignificant association with PAT (p > 0.05). Different implications are also presented in this study, focusing on the promotion of new and innovative biotechnology techniques, ensuring effective biotechnology patent applications. This can also help in increasing the growth of the pharmaceutical industry in the UK, improving the overall economic development of the country.