The Biopharmaceutical Cluster in Oxford
This chapter examines two hypotheses on the biopharmaceutical cluster in Oxford. First, that dedicated pharmaceutical firms can be expected to co-locate where they can reduce transaction costs in the market for ideas, where they can exploit untraded localized knowledge externalities, and/or where they can economize on start-up costs. Second, that pure market mechanisms provide inadequate investment in start-up resources because information asymmetries that encourage entrepreneurship will discourage investors. The findings for Oxford are compared to the governance of local collective competition goods in other established or embryonic clusters of biopharmaceutical activity in the UK.
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