Driving Biotech Innovation: An Integrated Analysis of Patents, R&D Spending, Professional Services, Researcher Density, and Pharmaceutical Revenue within the UK

Abstract

Innovation in the biotechnology field is influenced by various economic, social, and industrial factors, emphasizing the incorporation of more R&D investments to attain the required significant innovation outcomes. Therefore, within the context of complexities related to biotech innovation, this study aims to determine the impact of corruption control (COR), patent (PAT), government effectiveness (GE), political stability (PS) and rule of law (RL) on pharmaceutical revenue (REV) in UK. The integration of R&D employees (RNDEMP) and R&D expenditure (RNDEXP) is also observed in influencing the revenue. For this purpose, the required secondary quantitative data was obtained from the websites of related organizations from the period of 2005 to 2020. After the collection of data, “ordinary least square (OLS)” analysis was conducted to determine the association between the constructs of the study. The results obtained from this study showed that COR, PAT, PS, RL, PS and GE insignificantly impact the REV. At the same time, the impact of RNDEMP and RNDEXP was also found to be insignificant within the context of pharmaceutical revenue in UK. This study has also provided important implications to promote biotech innovation, focusing on R&D investments and other related factors in order to increase pharmaceutical revenue. This adds value to the current research.