Robust algorithm for arrhythmia classification in ECG using extreme learning machine

<p>Abstract</p> <p>Background</p> <p>Recently, extensive studies have been carried out on arrhythmia classification algorithms using artificial intelligence pattern recognition methods such as neural network. To improve practicality, many studies have focused on learning speed and the accuracy of neural networks. However, algorithms based on neural networks still have some problems concerning practical application, such as slow learning speeds and unstable performance caused by local minima.</p> <p>Methods</p> <p>In this paper we propose a novel arrhythmia classification algorithm which has a fast learning speed and high accuracy, and uses Morphology Filtering, Principal Component Analysis and Extreme Learning Machine (ELM). The proposed algorithm can classify six beat types: normal beat, left bundle branch block, right bundle branch block, premature ventricular contraction, atrial premature beat, and paced beat.</p> <p>Results</p> <p>The experimental results of the entire MIT-BIH arrhythmia database demonstrate that the performances of the proposed algorithm are 98.00% in terms of average sensitivity, 97.95% in terms of average specificity, and 98.72% in terms of average accuracy. These accuracy levels are higher than or comparable with those of existing methods. We make a comparative study of algorithm using an ELM, back propagation neural network (BPNN), radial basis function network (RBFN), or support vector machine (SVM). Concerning the aspect of learning time, the proposed algorithm using ELM is about 290, 70, and 3 times faster than an algorithm using a BPNN, RBFN, and SVM, respectively.</p> <p>Conclusion</p> <p>The proposed algorithm shows effective accuracy performance with a short learning time. In addition we ascertained the robustness of the proposed algorithm by evaluating the entire MIT-BIH arrhythmia database.</p

L-Asparaginase delivered by Salmonella typhimurium suppresses solid tumors

Bacteria can be engineered to deliver anticancer proteins to tumors via a controlled expression system that maximizes the concentration of the therapeutic agent in the tumor. L-asparaginase (L-ASNase), which primarily converts asparagine to aspartate, is an anticancer protein used to treat acute lymphoblastic leukemia. In this study, Salmonellae were engineered to express L-ASNase selectively within tumor tissues using the inducible araBAD promoter system of Escherichia coli. Antitumor efficacy of the engineered bacteria was demonstrated in vivo in solid malignancies. This result demonstrates the merit of bacteria as cancer drug delivery vehicles to administer cancer-starving proteins such as L-ASNase to be effective selectively within the microenvironment of cancer tissue

Multifunctional nanoparticles as a tissue adhesive and an injectable marker for image-guided procedures

Tissue adhesives have emerged as an alternative to sutures and staples for wound closure and reconnection of injured tissues after surgery or trauma. Owing to their convenience and effectiveness, these adhesives have received growing attention particularly in minimally invasive procedures. For safe and accurate applications, tissue adhesives should be detectable via clinical imaging modalities and be highly biocompatible for intracorporeal procedures. However, few adhesives meet all these requirements. Herein, we show that biocompatible tantalum oxide/silica core/shell nanoparticles (TSNs) exhibit not only high contrast effects for real-time imaging but also strong adhesive properties. Furthermore, the biocompatible TSNs cause much less cellular toxicity and less inflammation than a clinically used, imageable tissue adhesive (that is, a mixture of cyanoacrylate and Lipiodol). Because of their multifunctional imaging and adhesive property, the TSNs are successfully applied as a hemostatic adhesive for minimally invasive procedures and as an immobilized marker for image-guided procedures.

Development and Verification of Time-Series Deep Learning for Drug-Induced Liver Injury Detection in Patients Taking Angiotensin II Receptor Blockers: A Multicenter Distributed Research Network Approach

Objectives The objective of this study was to develop and validate a multicenter-based, multi-model, time-series deep learning model for predicting drug-induced liver injury (DILI) in patients taking angiotensin receptor blockers (ARBs). The study leveraged a national-level multicenter approach, utilizing electronic health records (EHRs) from six hospitals in Korea. Methods A retrospective cohort analysis was conducted using EHRs from six hospitals in Korea, comprising a total of 10,852 patients whose data were converted to the Common Data Model. The study assessed the incidence rate of DILI among patients taking ARBs and compared it to a control group. Temporal patterns of important variables were analyzed using an interpretable time-series model. Results The overall incidence rate of DILI among patients taking ARBs was found to be 1.09%. The incidence rates varied for each specific ARB drug and institution, with valsartan having the highest rate (1.24%) and olmesartan having the lowest rate (0.83%). The DILI prediction models showed varying performance, measured by the average area under the receiver operating characteristic curve, with telmisartan (0.93), losartan (0.92), and irbesartan (0.90) exhibiting higher classification performance. The aggregated attention scores from the models highlighted the importance of variables such as hematocrit, albumin, prothrombin time, and lymphocytes in predicting DILI. Conclusions Implementing a multicenter-based time-series classification model provided evidence that could be valuable to clinicians regarding temporal patterns associated with DILI in ARB users. This information supports informed decisions regarding appropriate drug use and treatment strategies

한국 바이오의약산업에서의 전략적 기업가정신에 대한 연구: 기업의 창업특성, 비즈니스 모델, 생존을 중심으로

학위논문 (박사)-- 서울대학교 대학원 : 협동과정 기술경영·경제·정책전공, 2015. 8. 박하영.제약산업과 더불어 바이오의약산업은 전세계적으로 국가의 신성장동력으로 주목받고 있다. 다가올 바이오경제의 기대 속에 세계 각국은 바이오경제를 대비하기 위하여 준비하고 있다. 이러한 기대에도 불구하고 바이오의약기업의 발전은 바이오기술 고유의 특성으로부터 야기되는 연구개발에서부터 상업화에 이르기까지의 다양한 도전들이 존재한다. 이에 대하여 바이오의약기업은 내부적으로 연구개발집중적이면서 위험관리에 힘써야 하며 투자자, 정부, 대학, 병원, 타기업 등의 외부 이해관계자들과의 보완적 관계를 중요하게 고려해야 한다. 더욱이 바이오의약산업 후발국의 기업들은 글로벌 경쟁이나 산업생태계의 미흡으로 인해 선진국에 비해 기업성장에 더 많은 어려움을 겪는다. 그렇다고 후발국들이 산업혁신시스템이나 국가혁신시스템의 상이함으로 인해서 무조건 선진국의 전략을 모방해서도 안 된다. 그러므로 후발국의 바이오의약기업들은 반드시 그들의 성장을 위한 고유한 전략을 가져야만 한다. 본 논문은 바이오의약산업의 후발국 중의 하나인 한국의 바이오의약산업에 초점을 맞추고 있다. 한국의 바이오의약산업은 아직까지 소기업의 비중이 높고, 정부주도적으로 발전해온 특성을 갖는다. 또한 한국은 ICT 산업의 발달로 인한 바이오의약산업과의 연계성과 대기업 중심의 산업구조로 인한 독특한 발전이 기대된다. 이러한 한국 바이오의약산업의 특성은 창업부터 각 기업들의 고유한 경쟁우위와 성장전략을 고려하는 전략적 기업가정신이 필요하다는 것을 이야기 한다. 그 중에서도 특히, 본 논문은 전략적 기업가정신의 투입요소로써 창업자나 창업팀의 특성, 프로세스로써 비즈니스 모델, 장기적 결과로써 기업생존에 대해 살펴보았다. 각 연구들을 위하여, 본 논문은 한국의 바이오경제의 미래를 위한 국가전략을 수립하기 위해 2013년도에 수집된 과학기술정책연구원의 바이오벤처 데이터베이스를 사용하였다. 제 3장의 첫번째 연구는 창업자나 창업팀의 특성이 한국 바이오의약기업의 전략과 성과에 미치는 차이점에 주목하였다. 특히, 연구조직에서의 경험을 가진 창업자와 모기업으로부터 스핀오프된 창업기업의 특성에 주목하였다. 이 연구는 연구조직에서의 경험을 가진 창업자에 의해 설립된 바이오의약기업이 더 높은 연구개발집중도와 더 많은 연구개발제휴의 특성을 보여주었고, 나아가 특허를 통해 살펴본 기술혁신성과 역시 우수하여 이들의 기술집중적인 기업특성을 발견할 수 있었다. 본 연구를 통하여 높은 연구개발집중도와 많은 연구개발제휴가 기술혁신성과에 미치는 직간접적인 효과를 확인할 수 있었고, 추가적으로 재무성과에 미치는 부정적인 효과를 확인하였다. 이러한 결과는 연구조직에서의 경험을 가진 창업자에 의해 설립된 독립기업이 아직까지 재무성과 창출에는 미흡하다는 것을 보여주었으며, 기업의 성장을 위하여 기술혁신뿐만 아니라 이들이 기술 상업화나 비즈니스 모델의 혁신을 통해 재무성과를 창출할 수 있도록 힘써야 한다는 것을 보여주었다. 특히 이를 위해, 상업화 능력을 고양하기 위한 기업가 또는 기업의 자체적인 노력과 경영지원을 위한 정책적 노력이 필요하다는 함의점을 주었다. 반면, 모기업으로부터 스핀오프된 바이오의약기업은 모기업으로부터의 자원과 능력의 지원으로 인해 생산 및 마케팅 제휴가 활발하였고 나아가 재무성과의 창출에도 긍정적인 영향을 주었다. 스핀오프된 기업의 모기업은 제약기업과 대기업으로 분류할 수 있었으며, 제약기업의 생산과 판매의 이점, 대기업 자본의 이점이 스핀오프된 기업의 차별화된 비즈니스 모델을 가능케 하였음을 확인하였다. 이러한 창업유형은 특히, 벤처캐피탈과 같은 모험자본이 부족한 한국적 상황에서 하나의 대안적 창업모델이 될 수 있음을 시사하였다. 덧붙여 장기적으로 이들이 성장하기 위해서 기술능력 제고가 필요하다는 함의점을 발견할 수 있었다. 제 4장의 두번째 연구는 한국의 바이오기업들의 비즈니스 모델의 유형을 확인하고 그들의 특성과 성과를 비교하고자 하였다. 비록 비즈니스 모델에 대한 정의가 다양하지만 비즈니스 모델은 수익창출을 위한 기업전략의 꾸러미로 협의적으로 정의될 수 있다. 따라서 본 연구에서는 기존의 문헌들에서 제공하는 기업의 가치사슬, 사업다각화, 연구개발제휴, 생산 및 마케팅 제휴의 정도를 비즈니스 모델 분류의 기준으로 고려하였으며, 클러스터링 방법을 통한 분석결과 한국의 바이오의약기업을 1) 강한 전략적 제휴를 가진 가치사슬 통합군, 2) 약한 전략적 제휴를 가진 사업다각화군, 3) 비다각화 R&D 기업군의 3가지 유형으로 분류할 수 있었다. 그 중에서 한국의 바이오의약산업에서 가장 경쟁우위에 있는 기업군은 강한 전략적 제휴를 가진 가치사슬 통합군이었다. 이들은 평균적으로 제품개발 이상의 가치사슬 통합도를 보였으며 활발하고 다양한 목적과 형태의 전략적 제휴를 보여주었으며, 기술혁신성과와 재무성과에서 타기업군에 비해 월등히 우수하였다. 둘째, 약한 전략적 제휴를 가진 사업다각화군은 평균적으로 두 분야 이상의 사업다각화도를 가지고 있었으며 연구개발과 마케팅을 위해 전략적 제휴를 활용하고 있었다. 이들은 상대적으로 연구개발투자와 기술혁신성과에 취약하였지만 사업다각화를 통한 시장접근성 확보로 인하여 재무성과의 창출 측면에서 비교적 우수하였다. 이것은 모험자본이 부족하여 사업다각화를 통해 창업부터 수익을 고려해야 하는 한국 바이오의약기업의 특성을 잘 보여주고 있으며, 한편으로 제약기업들과 의약외 식품, 화장품 등의 타바이오기업들에게 바이오의약산업의 또 다른 성장경로가 될 수 있다는 것을 보여주었다. 마지막으로 비다각화 R&D 기업군은 한국 바이오의약산업에서 아직 사업초기 기업들의 존재를 보여주었다. 이들은 기초연구단계에서 단일한 사업영역을 가지고 있었으며 아직까지 전략적 제휴에도 취약했다. 특히, 이들은 연구개발강도나 기술혁신성과의 측면에서 약한 전략적 제휴를 가진 사업다각화군과 유사했지만 재무성과의 창출은 더 취약했다. 따라서 이들의 성장을 위한 전략과 정책적 지원이 더욱 절실하다고 보여진다. 제 5장의 세번째 연구는 장기적 성과의 차원에서 한국 바이오의약기업의 생존에 미치는 요소들에 주목하였다. 이 연구는 기업의 내적 특성으로써 기업경력을 가진 창업자와 모기업으로부터 스핀오프된 기업의 창업특성, 즉, 타기업으로부터의 창업특성과 플랫폼 & 서비스 분야의 특성을 고려하였으며, 환경에 대한 기업의 적극적인 전략적 선택을 강조하며 외적 특성으로써 정부의 연구개발 지원과 전략적 제휴를 고려하였다. 이러한 통합적인 관점으로부터 기업경력을 가진 창업자에 의한 창업특성, 플랫폼 & 서비스 분야의 특성, 정부의 연구개발 지원이 생존에 미치는 긍정적인 영향을 확인할 수 있었다. 하지만 예상과는 다르게 모기업으로부터 스핀오프된 기업의 창업특성과 전략적 제휴가 기업의 생존에 미치는 효과는 부정적이었다. 또한 전략적 제휴의 동기에 따라 생존에 미치는 영향을 분석해 본 결과 R&D 제휴가 기업생존에 미치는 유의미한 효과를 발견할 수 없었으며, 단지 생산 및 마케팅 제휴가 미치는 긍정적인 효과를 확인할 수 있었다. 추가적인 연구를 통하여 한국의 기업퇴출이 파산과 M&A에 의해 이루어지고 있으며, 파산이 M&A의 경우보다 많은 특성을 확인하였다. 특히 M&A의 경우, 대부분 성과가 좋은 피인수기업의 인수를 통해 인수기업과 피인수기업 두 기업간 시너지를 창출하고, 나아가 피인수기업에게는 투자회수의 기회를 주는 목적이었다. 하지만 인수기업이 성과가 좋지 않은 피인수기업을 통해 우회상장하려는 목적을 가지고 M&A 하는 경우도 소수 존재하였다. 따라서 본 연구에서는 우회상장을 위한 소수의 M&A 사례를 제거하고 시너지 창출 및 투자회수의 목적을 위한 M&A 사례를 분석대상에 포함하였다. 이와 같은 추가연구를 통하여 모기업으로부터 스핀오프된 기업의 창업특성과 생산 및 마케팅 제휴가 파산을 막을 뿐만 아니라 M&A를 촉진하는 효과도 있음을 발견하였다. 따라서 이 연구를 통하여 타기업으로부터의 창업특성과 플랫폼 & 서비스 분야에서의 비즈니스가 한국 바이오의약기업들의 생존률을 높여 줄 수 있는 기회요소가 될 수 있다는 것을 알 수 있었으며, 지속적인 정부의 연구개발 지원과 생산 및 마케팅 제휴를 통한 수익확보가 기업의 생존을 위해 필요하다는 함의점을 발견할 수 있었다. 요약하자면, 본 논문은 한국 바이오의약기업의 성장을 위하여 창업특성과 성장전략을 고려한 전략적 기업가정신이 필요하다는 것을 창업특성, 비즈니스 모델, 생존에 관한 연구를 통하여 보여주고 있으며, 각각의 창업특성과 성장전략이 비즈니스 모델의 구성과 성과에 미치는 영향을 통해 이에 따른 경영적, 정책적 함의점을 제시한다. 최근 몇몇의 한국 바이오의약기업들이 글로벌 시장에서 선전하고 있는 가운데, 각 기업의 창업특성에 따른 경쟁우위와 그것에 대한 적극적인 활용 및 도전, 한국적 상황에서 그들의 성장전략에 대한 본 논문의 함의점들은 한국 바이오의약기업의 성장을 더욱 가시화 시킬 수 있을 것이라고 기대한다.Along with the pharmaceutical industry, the bio-medical industry has also come into the spotlight in most countries as a new growth engine. Many countries, including pioneers and latecomers into this industry, are striving to make adequate preparations to be a part of this forthcoming era of bio-economy. However, despite such high expectations, the bio-medical industry faces challenges in several aspects, from basic R&D to the commercialization stage, caused by the unique characteristics of the biotechnology field. Therefore, bio-medical firms should strive to become technology-intensive and manage their business risk, and consider complementary relationships with investors, government, universities, hospitals, and other firms such as other bio-medical, or pharmaceutical firms. Moreover, latecomers experience greater difficulties due to global competition and deficiency of the industrial ecosystem, than the pioneers do in this industry. Nonetheless, latecomers should not unconditionally mimic the growth strategies of pioneers, because of differences in their respective industrial ecosystem. Therefore, these latecomer countries need to define their unique strategies for growth. This dissertation focuses on the bio-medical industry in Korea, being one of the latecomers. Korea has a high distribution of small-sized entrepreneurial firms. The country has developed as a government-led latecomer in this industry. Moreover, connectivity with the development of the ICT industry and the conglomerate-oriented industrial structure of Korea are advantages enabling its industrial growth. Such context of the Korean bio-medical industry acutely reflects the need of strategic entrepreneurship to simultaneously consider their unique competitive advantages in founding and growth strategies. In particular, this dissertation emphasizes the following properties?a firms origin of entrepreneurs or entrepreneurial firms as the input, business model as the process, and a firms survival as the ultimate outcome in the view of strategic entrepreneurship. For each research, this dissertation used a database developed by a project team of the Science and Technology Policy Institute (STEPI) as part of a project launched in 2013 to formulate a national strategy for the future of bio-economy in Korea. The first study in Chapter 3 intended to demonstrate the differences in Korean bio-medical firms respective strategies and performances, depending on properties of firms origin of an entrepreneur or entrepreneurial team. Concretely, it examined the impact of the characteristics of independent venture established by entrepreneurs from research organizations and corporate venture spin-offs from the parent company on strategies and performances of the firms. This study found that bio-medical firms established by entrepreneurs from research organizations had a positive influence on R&D intensity, R&D alliance, and technological innovation performance. Although these represent technology-intensive characteristics, confirming direct and mediating effects among them, they were still insufficient in creating firms financial performance. This result implies that they are striving to resolve this through technology commercialization and business model innovation. In particular, it also implies the need for entrepreneurs and entrepreneurial firms to undertake efforts focusing on enhancing commercial capabilities and policies for managerial support. On the other hand, regarding spin-offs from parent companies, the origin of the firms positively affected manufacturing & marketing alliances, and financial performance. It is confirmed that the parent company mainly classified pharmaceutical companies and conglomerates, and their experiences in the manufacturing & marketing process, or managerial support like financing and consulting, enable differentiated business activities. Therefore, this study suggests that spin-off bio-medical firms can form an alternative founding model in Korea, where private investment like venture capital is deficient. In addition, this study also suggests that such companies need to make significant efforts to enhance their technological innovation capacity from the long-term perspective. The second study in Chapter 4 intended to identify the different types of business models in the Korean bio-medical industry, and compare their characteristics and performances. Although there are various definitions of a business model, it can be regarded as a bundle of strategies for profit generation, in that entrepreneurs or entrepreneur firms proactively select in their contextual circumstances. This study classifies Korean bio-medical firms with critical criteria of the business model on the levels of vertical integration, business diversification, R&D, and manufacturing & marketing alliances, by the clustering method. This study identified three types of business models in the Korean bio-medical industry1) business diversified firms with weak strategic alliances2) vertical integrated firms with strong strategic alliancesand 3) non-diversified R&D firms. Among them, the firm group with a competitive advantage in Korea is the cluster of vertical-integrated firms with strong strategic alliances. These firms showed vertical integration more than product development on average, and had robust strategic alliances for various purposes in several forms. They demonstrated excellent technological innovation and financial performance, more than any other clusters in the industry. Second, the cluster of business-diversified firms with weak strategic alliance had two or more business diversification areas on average, and had utilized a few strategic alliances for R&D and marketing. In addition, these firms have a relatively excellent financial performance by predominance in the bio-medical segment, although they have a lower level of R&D intensity and technological innovation performance than vertical integrated firms with strong strategic alliances. It shows the feature of Korean bio-medical firms that should consider their profit through business diversification at founding because of shortage of risk money, and on the other hand, the growth path for incumbents like pharmaceutical companies and biotechnology firms with core technologies related to functional food and cosmetics in Korea. Finally, non-diversified R&D firms describe the existence of infant firms within Korean bio-medical industry. These firms have a single business area in basic R&D stage of value chain, and few strategic alliances. In particular, although they are similar to business diversified firms from the perspective of R&D intensity and technological innovation performance, they are more vulnerable in terms of financial performance. Therefore, this study suggests the necessity of firms growth strategies and policy supports for their growth. The third study in Chapter 5 concentrated on the internal and external survival factors of Korean bio-medical firms from the long-term performance perspective. The characteristics of an entrepreneur with experience in other firms and spin-offs of a parent firm, or alternately, the characteristics of firms that originated from other firms, and the business property of platform & service segment were considered internal factors. The governments R&D funding and strategic alliances were considered external factors emphasizing a firms proactive strategic choice of its environment. From such an integrated view, the factors?firms origin by an entrepreneur with career in other firm, platform & service segment, and government R&D funding?positively influenced the survival of Korean bio-medical firms. However, against the expectation, the factors?firms origin by spin-offs of a parent firm, and strategic alliances?negatively influenced the survival of these firms. In addition, it is not confirmed significant effect of R&D alliances on firms survival, but found the effect of manufacturing & marketing alliances on it. Furthermore, through additive research, firm exits in Korea resulted from bankruptcy, and mergers and acquisitions (M&A), and this study confirmed that cases of bankruptcy are more than M&A cases in Korea. In particular, in cases of M&A, the most motivated creation of synergy between the acquirer and target and payback of target bio-medical firm, and there are M&A events for backdoor listing of an acquirer as a minority. Therefore, this study eliminated cases of M&A events for backdoor listing, and only included events for creating synergy for both, and payback of target. Through it, this study found that the properties of a firms origin by spin-off firms and strategic alliances prevent their bankruptcy, and promote M&A events in the Korean bio-medical industry. Consequently, the properties of a firms origin from other firms, and business property in the platform & service segment are opportunities for survival. Further, sustainable government R&D funding and securing profit though manufacturing & marketing alliances are required for their survival in Korean bio-medical industry. In sum, this dissertation argued the necessity of strategic entrepreneurship to simultaneously consider their unique competitive advantage at founding and growth strategies. This was accomplished through three studies on firms origin, business model, and survival. In addition, the study contributes to understanding the managerial and policy implications on business model and performance depending on the type of firms origin and growth strategies. Amidst propagation of some Korean bio-medical firms in the global market, this dissertation expects to be visible the growth of Korean bio-medical firms.Abstract i Contents viii List of Tables xi List of Figures xii Chapter 1. Introduction 1 1.1 Research Background 1 1.1.1 The Bio-economy Era and Biotechnology Industry 1 1.1.2 Bio-medical Industry 4 1.2 Problem Statement 8 1.3 Research Purpose, Question and Outline 11 1.4 Research Contributions 16 1.5 Research Structure 18 Chapter 2. Theoretical Background 19 2.1 Strategic Entrepreneurship 19 2.1.1 Economic Importance and Origin of Entrepreneurship 19 2.1.2 Current State of Entrepreneurship in Economics 22 2.1.3 Emergence of Strategic Entrepreneurship 24 2.2 Strategic Entrepreneurship for Korean Bio-medical Firm 27 2.2.1 Context of Korean Bio-medical Industry 27 2.2.2 Three Studies in Strategic Entrepreneurship for Growth of Korean Bio-medical Firm 32 Chapter 3. Influence on Business Strategies and Performances of Korean Bio-medical Firms Origin 42 3.1 Introduction 42 3.2 Theories and Hypotheses 44 3.2.1 R&D, Business Strategies, and Performances of Bio-medical Firms 45 3.2.2 Independent Bio-medical Venture Established by Entrepreneurs from Research Organizations 47 3.2.3 Corporate Bio-medical Venture by Spin-off 51 3.3 Methods 56 3.3.1 Data 56 3.3.2 Definition of Variables 59 3.3.3 Analytical Method 65 3.4 Results and Discussions 69 3.5 Sub-Conclusion 81 Chapter 4. Business Models in Korean Bio-medical Industry 87 4.1 Introduction 87 4.2 Business Model and Bio-medical Industry 90 4.2.1 The Concept of Business Model 90 4.2.2 Business Model in Bio-medical Industry 92 4.3 Methods 99 4.3.1 Data 99 4.3.2 Analytical Method 100 4.4 Results and Discussions 108 4.4.1 Grouping of Korean Bio-medical Firms 108 4.4.2 The Characteristics and Performances of Each Cluster 116 4.5 Sub-Conclusion 125 Chapter 5. The Factors of Korean Bio-medical Firms for Survival 129 5.1 Introduction 129 5.2 Theories and Hypotheses 132 5.2.1 Origins from Other Firm 134 5.2.2 Business Property in Platform & Service Segment 137 5.2.3 Government R&D Funding 139 5.2.4 Strategic Alliance 142 5.3 Methods 145 5.3.1 Data 145 5.3.2 Analytical Method 146 5.4 Results and Discussions 155 5.5 Sub-Conclusion 165 Chapter 6. Overall Conclusion 171 6.1 Summary of Results 171 6.2 Managerial and Policy Implications 178 6.3 Limitations and Future Research 187 Bibliography 191 Abstract (Korean) 230Docto

Factors Affecting the Survival of SMEs: A Study of Biotechnology Firms in South Korea

Past studies examining survival factors of biotechnology firms have focused on pioneer countries, such as the USA, the UK and Germany. However, as the biotechnology industry in Asia is reaching the take-off stage and showing a high growth rate, the research on survival factors in the context of Asian latecomers is needed. The present research investigates internal and external factors affecting the survival of SMEs (Small and Medium-sized Enterprises) in the biotechnology industry in South Korea. The Cox hazard model was employed to perform a robust estimation in survival analysis. The analysis of internal factors showed that the origin of a firm (i.e., having prior experience or spin-offs) and the business sub-sector (i.e., platform-based) affect the hazard rates of biotechnology firms. In terms of external factors, unlike strategic alliances, government R&amp;D funding lowered hazard rates for the firm’s survival. Additionally, considering that the reasons of firm exit can be divided into bankruptcy and M&amp;A (Mergers and Acquisitions), the different effects of origins from other firms and strategic alliance for firm survival are confirmed. The results suggest that prior experience, platform-based and constant government R&amp;D funding contribute to the sustainable development of SMEs in the biotechnology industry

How Do Alliance Portfolio Factors Affect a Precision Medicine Firm’s Innovation Performance?

Precision medicine is an approach to disease treatment and prevention that seeks to maximize effectiveness by taking into account individual variability in genes, environment, and lifestyle. The medical paradigm has been changed with the emergence of precision medicine and many companies with business related to precision medicine should cooperate with other companies. The purpose of this study is to analyze the alliance portfolio factors that affect firms’ innovation performance. This study examined whether the diversity factors of the alliance portfolio and alliance management capability influenced its innovation performance. Additionally, we investigated the moderate effects of participation of research organizations in the alliance portfolio. As a result, there was an inverted U-shaped relationship between the industry diversity of the portfolio and innovation performance; therefore, the participation of research organizations in the alliance portfolio showed a positive effect. Additionally, the value governance diversity changed to have a positive effect by interacting with research organizations. This study provides information on the alliance portfolio factors that affect the innovation performance of precision medicine companies

R&amp;D Project Valuation Considering Changes of Economic Environment: A Case of a Pharmaceutical R&amp;D Project

R&amp;D project valuation is important for effective R&amp;D portfolio management through decision making, related to the firm’s R&amp;D productivity, sustainable management. In particular, scholars have emphasized the necessities of capturing option value in R&amp;D and developed methods of real option valuation. However, despite suggesting various real option models, there are few studies on simultaneously employing mean-reverting stochastic process and Markov regime switching to describe the evolution of cash flow and to reflect time-varying parameters resulting from changes of economic environment. Therefore, we suggest a mean-reverting binomial lattice model under Markov regime switching and apply it to evaluate clinical development with project cases of the pharmaceutical industry. This study finds that decision making can be different according to the regime condition, thus the suggested model can capture risks caused by the uncertainty of the economic environment, represented by regime switching. Further, this study simulates the model according to rate parameter from 0.00 to 1.00 and risk-free interest rates for regimes 1 and 2 from ( r 1 = 4%, r 2 = 2%) to ( r 1 = 7%, r 2 = 5%), and confirms the rigidity of the model. Therefore, in practice, the mean-reverting binomial lattice model under Markov regime switching proposed in this study for R&amp;D project valuation contributes to assisting company R&amp;D project managers make effective decision making considering current economic environment and future changes