국내 제약·바이오기업들의 제품 R&D/판매 활동이 주가에 미치는 영향: 코로나바이러스감염증-19 치료제 제조기업과 진단키트 제조기업에 대한 사건연구

Abstract

The market values of many biopharmaceutical firms are known to have increased due to the outbreaks of Coronavirus Disease 2019 (COVID-19). This paper used the “Event Study” methodology to examine press releases’ impact on the stock prices of remedy and diagnosis kits after the pandemic of COVID-19 in Korea. By analyzing 97 events of R&D and marketing activities of the remedy manufacturers and diagnosis kit manufacturers, remedy manufacturers had more significant positive effects than diagnosis kit manufacturers. Furthermore, both manufacturers had strong positive effects on early R&D and sales stages and early periods of event dates. We interpreted these results that biopharmaceutical firms’ development and marketing activities responding to COVID-19 had different impacts on the stock price value according to the level of technological advancement, R&D and sales stages, and the dates of the events. Thus, this paper can give biopharmaceutical firms effective R&D and marketing strategies in response to rapid environmental changes.