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The relation between innovative output from the R&D process and Total Factor Productivity (TFP) in the Swedish pharmaceutical industry has been investigated. The focus has been on the 1960s when the institutional conditions for innovation changed drastically in the pharmaceutical industry through new and stricter regulation. The short term effect of the new regulation was a shift towards quality products. Patenting increased and there were an increasing number of economically successful drugs based on new substances (NCEs). This had a positive impact on TFP growth.
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