Analysis of the Relationship between R&D and Pharmaceutical Foreign Trade: A Macro and Micro Data Analysis

Year 2026, Volume: 17 Issue: 2, 1 - 17, 23.02.2026

Alper Akpınar , Mert Abay , Mahir Tosunoğlu , Bülent Kılıç , Sedef Akgüngör

https://doi.org/10.33818/ier.1731218

https://izlik.org/JA55GP42XE

Abstract

The study examines the impact of pharmaceutical R&D expenditures on pharmaceutical foreign trade by utilizing macro and microdata. The macro data is sourced from open-access databases provided by OECD and TURKSTAT, while the microdata analysis was conducted at the TURKSTAT data research center. The macro-level data analysis involves a cointegration test followed by estimating long-term coefficients. The results indicate that pharmaceutical R&D expenditures positively affect pharmaceutical exports in the long run, while they negatively affect pharmaceutical imports. In addition, pharmaceutical R&D expenditures positively affect total exports but not total imports. The micro-level data analysis involves POLS, fixed and random effect panel models. The findings reveal that pharmaceutical firm’s R&D expenditure is positively correlated with exports and negatively correlated with imports. The macro and micro data findings align with our expectations, reinforcing each other intensely.

Keywords

Pharmaceutical R&D Expenditures , Pharmaceutical Trade , Health Economics , Time-Series Analysis , Panel Data Analysis

Supporting Institution

TÜBİTAK/This study was supported by TUBITAK (the Scientific and Technological Research Council of Turkey). TUBITAK-ARDEB 1004 Research Project No: 20AG006.

Project Number

20AG006

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