The pharmaceutical companies are considered as one of the most influential interest groups within drug policy, or in general within healthcare system. Therefore, this diploma thesis is focused on the influence of the pharmaceutical manufacturers on legislative framework that forms the drug policy, on the impact on the concrete implementation of drug policy and finally on the influence on prescription, sales and public opinion. Based on an analysis of the pharmaceutical market and the drug policy of the Czech Republic, the diploma thesis defines the most common interests of the pharmaceutical companies which they are trying to push through lobbying. Furthermore, the thesis identifies the access points through which these interests can push through and tries to illustrate these facts on concrete examples.

With the gradual expansion of China's economy, the demand for innovation and growth of China’s companies is increasing. Traditional internal research and development (R&D) and iterative product and service development are no longer sufficient to meet the fierce market competition. More and more companies are seeking breakthrough growth of overall technology, brand, and service. Therefore, mergers & acquisitions (M&A) have become a common business activity for China’s companies. The motivation of company’s M&A is complex, and as M&A laws in China and worldwide become more complicated, how to make rational and rapid M&A that can achieve strategic upgrading of enterprises has become a research issue of concern for Chinese economic, financial, accounting, and legal disciplines, etc. As a basic industry, Chinese pharmaceutical industry has not yet taken a dominant position in the world. Due to the intertwining of multiple disciplines and complex background information, the impact of M&A transaction size on the innovation performance of pharmaceutical companies has yet to be studied.Focusing on the two hot spots: M&A and innovation, in the context of China's economic transformation and upgrading, this dissertation explores the impact of M&A on innovation based on the current situation analysis and theoretical analysis, and deeply studies and reveals the mechanism and effect of M&A transaction size on company innovation. 281 M&A data of 58 listed companies in China's healthcare industry from 2008 to 2017 was collected and regression analysis was performed to examine the impact of M&A transaction size on the innovation level of companies in terms of two aspects: the number of patent applications and the number of patents granted, and on three levels: invention patents, utility model patents and design patents. The results of the research show that: M&A transaction size promotes the growth of the number of patent applications and patents granted and has a significant positive effect on enterprise innovation; and M&A transaction size has contributed to the increase of the number of utility model patent applications and patents granted. In general, the innovation performance of M&A transaction size in utility model patents is better than that in invention patents with higher technological elements. Further mechanism examination results show that the innovation performance of a company after a bigger M&A transaction is influenced by its absorptive capacity: the stronger its absorptive capacity, the more opportunities it has to absorb and transform the technologies and knowledge of an acquired enterprise into its own. Through learning and imitation, it realizes the transformation and innovation of the technologies obtained through M&A, ultimately enhancing its innovation capability. / Business Administration/Finance

Σκοπός της παρούσας εργασίας είναι να γίνει μία προσπάθεια ανάλυσης της ποιότητας δικτυακών τόπων φαρμακευτικών εταιρειών, έχοντας υπόψη το πώς γίνεται μία γενική αξιολόγηση των χαρακτηριστικών των ιστοσελίδων καθώς παρουσιάζει αρκετά κοινά κριτήρια με την αξιολόγηση ιστοσελίδων φαρμακευτικών εταιρειών. Οι φαρμακευτικές εταιρείες που συμμετείχαν ως δείγμα στην έρευνά μας δραστηριοποιούνται τόσο στον ελλαδικό χώρο όσο και παγκοσμίως και είναι είτε εθνικές είτε πολυεθνικές εταιρείες. Οι διαδικτυακοί τόποι που αναλύσαμε ήταν είκοσι σε αριθμό και τα δεδομένα προέκυψαν με τη βοήθεια των λογιστικών φύλλων στο Excel. Τα χρώματα, οι γραμματοσειρές, τα στοιχεία πλοήγησης είναι λειτουργικά και ευπαρουσίαστα χωρίς περιττά και δύσχρηστα στοιχεία. Τα ερευνητικά συμπεράσματα υποδεικνύουν πως σε υψηλό βαθμό η κατασκευή των ιστοσελίδων έχει γίνει σε περιβάλλον φιλικό προς τους χρήστες, δίνοντας τη δυνατότητα για εύκολη πλοήγηση και αναζήτηση θεμάτων που άπτονται των ενδιαφερόντων τους. / The purpose of this paper is to analyse the quality of websites of pharmaceutical companies, having regard how is generally the evaluation of the websites as it presents several common criteria to evaluation of pharmaceutical companies’ websites. Pharmaceutical companies involved in our survey sample are active both in Greece and worldwide and are either national or multinational companies. The websites we analyzed were twenty and the data obtained with the help of a spreadsheet in Excel. The colors, fonts, navigability are functional and presentable without unnecessary and inconvenient items. The research findings indicate that these websites has been designed in an environmentally friendly frame for users, allowing them easy navigation and searching issues of their interests.

Thesis is focused on drug system development in Czech Republic during years 2000 to 2008, on study of present circumstances and on key features comparison with its development in selected European countries. Author has described drug system functioning, its participants and relations among them set to Czech Republic. Attention is paid especially to sources of rise in prices of drugs and to growth in consumption, then to safety and awareness of current medication. Factors effecting total expenses on drugs are investigated and participation of total expenses on drugs on total health expenses is analyzed. Due to the international comparison there is pronounced conviction that the increase in drug expenses has become a global phenomenon of todays which is to be solved. Great emphasis is placed on questionable segments of drug policy in Czech Republic and on potentials of its improvements in this performance, too.

Ekonomin blir allt mer global och redovisningsinformation analyseras av olika investerare över hela världen. Informationen som jämförs behöver vara jämförbar med varandra för att ge rättvisande vägledning i ett beslutsfattande. Börsnoterade företag inom Europeiska unionen ska upprätta sin redovisning enligt IFRS och företag som är noterade i USA ska upprätta sin redovisning enligt US GAAP. Det som skiljer regelverken åt är att US GAAP är mer regelbaserat och IFRS är principbaserat, vilket medför att företagsledningen har möjlighet att påverka redovisningen i viss utsträckning. Regelverken skiljer sig åt på en mängd olika punkter för att i vissa avseenden påminna om varandra. Men det är skillnaderna som skapar den informationsasymmetri som sedan kan vilseleda investerare som jämför bolag mellan de olika regelverken.Syftet med denna studie är att analysera om redovisning enligt IFRS eller US GAAP leder till signifikanta skillnader mellan olika nyckeltal. Genom att analysera detta vill vi belysa de eventuella skillnader som kan uppstå i de finansiella nyckeltalen vilket kan ändra investerares intresse för företaget.I studien har 21 stycken dubbelnoterade läkemedelsföretag ingått. Med dubbelnoterade innebär det i denna studie att företagen är noterade på börsen både i Europa och i USA. För dessa företag har två stycken mått för skuldsättning, två stycken mått för lönsamhet och två stycken mått för likviditet beräknats och analyserats. Komponenterna för att beräkna nyckeltalen har hämtats ur företagens egna årsredovisningar som upprättats enligt både IFRS och US GAAP. För att fastställa om regelverken har någon signifikant påverkan på nyckeltalen har vi analyserat våra nyckeltal genom en hypotesprövning. Genom denna studie har vi konstaterat att regelverken inte har någon signifikant påverkan på något av de undersökta företagens nyckeltal. / The economy is getting even more global and accounting information are analysed by several investors over the world. The information being compared has to be comparable with each other to give true guidance before decision-making. Companies listed on the stock exchange within the European Union shall establish their accounting in accordance with IFRS and companies listed on the American stock exchange shall establish their accounting in accordance with US GAAP. What sets the rules apart is that US GAAP is more rule-based than IFRS, which is principle-based, and the managers have an opportunity to influence the accounting to some extent. The frameworks differ in some points, while they in some respects remind of each other. However, it is the differences that create the information asymmetry which can mislead shareholders who compare companies that reports in accordance with both regulations. The purpose of this study is to analyse whether accounting according to IFRS or US GAAP leads to significant differences between different financial ratios. By analysing this, we want to shed light on the possible differences that may arise in the financial ratios, which can change the investor’s interest in the company. The study includes 21 cross-listed companies who are listed on a stock exchange both in Europe and in the US. Two ratios of debt, two ratios of profitability and two ratios of liquidity have been calculated and analysed for each of the companies. The components that have been used to calculate these ratios have been collected from the companies own annual reports that have been prepared in accordance with both IFRS and US GAAP. The study has used a hypothesis test to determine whether the regulations have any significant impact on the financial ratios. The result of this study shows that the regulations have no significant impact on the examined company’s financial ratios.

La presente investigación tuvo como objetivo determinar la correlación existente entre el salario emocional y el rendimiento laboral de los colaboradores de una empresa de ventas y distribución del rubro farmacéutico. La metodología aplicada fue de tipo descriptivo, correlacional, con diseño no experimental, teniendo como muestra a la totalidad de ochenta y cuatro (84) colaboradores con una antigüedad laboral mayor a 6 meses a quienes se les aplicó como técnica la encuesta y como instrumento un cuestionario estadísticamente validado mediante Google Forms. Los resultados obtenidos mostraron que existe una correlación positiva débil entre el Salario Emocional y el Rendimiento Laboral concluyéndose que los colaboradores no solo consideran significativo el salario económico sino también relevante lo emocional convirtiéndose en un factor clave y decisivo en su compromiso e identificación con la compañía generando de esta manera, el logro de los objetivos de la organización. Además, se demostró que las tres dimensiones del Salario Emocional se relacionaron de manera positiva débil tanto con el Rendimiento en el Contexto como en la Tarea; mientras que, no se evidenció correlación existente de las mismas con los Comportamientos Contraproducentes. / The objective of this investigation was to determine the existing correlation between the emotional salary and the work performance of the collaborators of a sales and distribution company in the pharmaceutical field. The methodology applied was of a descriptive, correlational type, with a non-experimental design, having as a sample a total of eighty-five (84) collaborators with a job seniority greater than 6 months to whom the survey was applied as a technique and as an instrument a Statistically validated questionnaire using Google Forms. The results obtained showed that there is a weak positive correlation between Emotional Salary and Work Performance, concluding that employees not only consider economic salary significant but also emotional salary relevant, becoming a key and decisive factor in their commitment and identification with the company, generating in this way the achievement of the objectives of the organization. In addition, it was shown that the three dimensions of Emotional Salary were weakly positively related to both Context and Task Performance, while there was no evidence of their existing correlation with Counterproductive Behaviors.

藥廠在資訊科技的運用上，相較於電子業或其他高科技產業，一直都被認為是較保守的方式。究其原因，應為資訊科技在製藥業的競爭上，較難成為核心的競爭武器之一，因此，資訊科技在製藥業一直被定位為協助企業內部作業面的工具。而非協助企業達成營運目標的工具。然而，近十年來，大型跨國藥廠透過不斷地購併其他藥廠的方式，達成其擴大市場佔有率、鞏固產業中領先地位、縮短產品研發時間、及擴大產品線的廣度與深度的目的。並藉由購併後組織必須重整的過程，對組織進行人力的精減及成本的樽節。僅管跨國藥廠一直設法對人力及成本作有效的控制，但隨著購併不停地發生，不僅產品增多，組織也日益龐大，跨國藥廠所面臨到的財務、法律、人力資源、業務行銷、行政作業等各種事務也越來越繁雜。雖然跨國藥廠有其充沛的資源及豐富的跨國管理經驗，但若要能有效又即時地對全球各據點加以掌控，就必須對資訊科技的運用作全球的統一規劃，並建立全球資訊科技策略，以確實控管及協助各子公司的營運。而對各國的子公司，則應有能協助該公司在當地市場競爭的相對策略，資訊科技在市場激烈的競爭下，開始扮演越來越重要的角色。 本研究為探討性的個案研究，係以一跨國藥廠在台灣的子公司作為研究的個案，期望透過相關的文獻、對個案公司在資訊科技運用的探討、及個案公司主管對資訊科技的看法及需求，能夠達到以下的研究目的: 壹、了解跨國藥廠對資訊科技的運用現況。 貳、了解跨國藥廠發展狀況與營運方向，以規劃個案公司資訊科技的發展方向。 參、建立個案公司資訊科技策略，以提升運作績效，掌握時勢利基。 / The Pharmaceutical Industry, compared with Electronics Industry or other Hi-Tech Industries, is perceived to be relatively conservative in the application of Information Technology. The reason is being that Information Technology application to the Pharmaceutical Industry rarely plays any key role for market competition. As a consequence, Information Technology to the Pharmaceutical Industry has been an operational tool to support the back office functions, rather than a management tool to assist the business to achieve its operational goals. Nevertheless, in recent decade, giant transnational pharmaceutical companies are continuously achieving their objectives of expanding market shares, sustaining their leadership, shortening the time frame in Research and Development, and enlarging their product pipelines, through mergers and acquisitions. They have been re-deploying the human resources and implementing cost reductions by all means within the entire organization after merger and acquisition takes place and reorganization becomes necessary. Despite that transnational pharmaceutical companies have been striving to contain headcount and control expenses, they have found themselves facing to the increasingly complex operations in many aspects, including Finance, Legal, Human Resource Management, Sales and Marketing, and General Administration as a result of expansion in product pipelines and explosion in organization that comes along with mergers and acquisitions. Although transnational pharmaceutical companies have ample resources and well experienced in cross-nation management, they have to integrate their global information technology and establish a unified strategy for universal implementation, so as to enable monitoring and assisting the operations of all subsidiaries around the globe in an effective and timely manner. As such, Information Technology starts to play an increasingly important role in developing responsive strategies under the intense local market competition. This essay is a case study on a Taiwanese subsidiary owned by a transnational pharmaceutical company. It aims to achieve the following objectives by referring to relevant publications and observing the subject company’s information technology applications and their management’s views and needs on the above. 1. To understand the current applications on information technology by transnational pharmaceutical companies; 2. To understand the evolution track and business directions of transnational pharmaceutical companies to set an Information Technology development plan for the subject company. 3. To establish Information Technology Strategy for the subject company to improve operation efficiency as an advantage of obtaining timely and valuable information.

The thesis deals with a current issue of the relationship between pharmaceutical manufacturers and physicians. Its objective it to find out the influence pharmaceutical companies exercise on a physician decision making on providing health care, what influences physicians´ medication selection and whether there are differences in individual physicians´ specializations. Based on the findings of the research the thesis aims at creating suggestions of changes in legislation concerning the relationship between a physician and a pharmaceutical company and the establishment of new rules. The introductory theoretical part describes the role of a physician and pharmaceutical companies in the current health care system. In the practical part the method of qualitative research, characteristics of the research database and results of standardized interviews using direct quotations are presented. Discussion is focused on comparing the research results with the views of media articles and the own opinion of the thesis writer. In the conclusive part of the thesis existing rules are described and the writer recommends some measures which may lead to changes in public attitudes. Another issue, which goes beyond this thesis and could become a topic for further research, is also outlined. Based on the collected data, in the closing part of the work a hypothesis for a potential quantitative research is stated. The contribution of the thesis is based on the possibility of clarifying complicated relations between physicians and pharmaceutical manufacturers both for professional and general public.

BAKGRUNDLäkemedelsindustrin är en starkt växande bransch som historiskt har genererat en hög avkastning på finansmarknaden. Läkemedelsutvecklingen är en lång och komplicerad process vilket skapar osäkerhet kring hur läkemedelsbolagen ska värderas. Osäkerhetsfaktorerna i värderingsprocessen kan leda till att analytiker tar genvägar vilket påverkar den slutgiltiga värderingen. Hur osäkerheten bemöts och vilka faktorer som faktiskt bygger värderingen kan därför vara svår att förstå för investerare. SYFTESyftet med studien är att beskriva och analysera hur värdering av små läkemedelsbolag går till i praktiken. Vidare är syftet att analysera hur analytiker bemöter osäkerhetsfaktorerna i branschen, om vedertagna fundamentala värderingsmetoder och tillvägagångssätt existerar samt i vilken utsträckning dessa är förenliga med befintlig teori. METODDenna kvalitativa uppsats tar sin utgångspunkt i en deduktiv ansats. En fallstudiedesign har använts för att studera små läkemedelsbolag och genom intervjuer med aktieanalytiker har studiens frågeställningar besvarats. SLUTSATSSmå läkemedelsbolag värderas med DCF-modellen där modellen tillämpas på olika sätt av analytikerna. Osäkerheten som råder i branschen innebär att analytiker måste göra flera avvägningar. I praktiken anses många faktorer vara för osäkra eller tidskrävande för att inkluderas i värderingen. Teorin tar inte hänsyn till dessa aspekter vilken menar på att värderingen ska vara så fullständig som möjligt. I praktiken är värderingarna en produkt som ska säljas till investerare vilket försvårar för analytikerna att använda komplexa och matematiska metoder. Detta innebär att analytikerna måste ta hänsyn till den extra tid som ett värderingsbeslut tar i relation till det extra mervärde beslutet ger. / BACKGROUND The Pharmaceutical industry is a fast growing industry which historically have generated a high return on financial markets. Drug development is a long and complicated process which creates uncertainty regarding how pharmaceutical companies should be valued. The uncertainty factors in the valuation process can lead analysts to opt into shortcuts which have effect on the final valuation. How the uncertainty is dealt with and what the valuation actually is based on can be difficult for investors to comprehend. PURPOSEThe purpose of the study is to describe and analyse how valuation of small pharmaceutical companies goes into practice. The purpose is also to highlight how analysts address the uncertainty factors within the industry, if established fundamental valuation methods and approaches exist and to what extent they are consistent with existing theory. METHODThis qualitative study takes its starting point in a deductive approach. A case study design has been used to study small pharmaceutical companies. The research questions have been answered using interviews with equity analysts. CONCLUSIONSmall pharmaceutical companies are valued with the DCF-model. However, there are differences how analysts choose to apply the method. The uncertainty within the industry results in analysts being forced to use approximations. In practice, many factors are considered to unsecure or time consuming to be included in the valuation. The theories regarding valuation of small pharmaceutical companies does not take this problem in consideration and only focuses on reaching an estimate that is as correct as possible. In practice a valuation is a product intended to be sold to investors, this prevents analysts from using complex and mathematical methods. This means that the analysts must take into account the extra time that a valuation decision takes and put it in perspective of the value added to valuation.

近年來中國大陸以其廣大的市場及較低的人力成本優勢，成為外資及台商競相投資的市場，台灣各產業莫不以進入中國市場為營運發展的重要目標。國內生技製藥產業在這一波投資中國熱中，也嘗試從生產、銷售、行銷、代工及研發等不同面向切入，以掌握商機及尋求企業的永續經營與成長。 本論文著眼於研究台商生技製藥公司在進入中國大陸市場時，所選擇的海外直接投資之進入模式分析。並以John H. Dunning對外投資之折衷理論為研究架構，從「所有權優勢」、「區位優勢」及「內部化優勢」等構面，來分析台灣生技醫藥公司的中國市場進入模式。藉由國內生技製藥公司的企業訪談及上市櫃公司公開資訊的分析，以及次級資料與公開報導的整理，以瞭解台商生技製藥公司在大陸的直接投資進入模式及影響投資決策的關鍵因素及公司優勢。 本研究共訪談國內四家生技製藥公司。研究發現，生技製藥台商在中國市場的進入模式選擇，主要可能受到區位優勢決定因素的影響，而決定因素則可分為市場導向、資源取得導向及風險評估等三項。本研究將有助於瞭解國內生技製藥業，在中國進行跨國經營與投資的決策考量，並裨益國際企業領域及國際策略管理的理論與實務發展。 / Over the past years, China has attracted much investment from Taiwan companies and foreign companies due to its advantages of board markets and low-cost labors. Companies in Taiwan also set “enter China market “as a goal in their business planning. Upon this wave of “Invest China fever” , the domestic Biotech & pharmaceutical companies have no doubt approached their business target by entering China market through different operations, that is, production, sales, marketing, out-sourcing, and research & development, etc to catch the opportunities and sustainable growth of business The objectives of the study were to analyze the entry mode of China market Taiwan biotech & pharmaceutical companies have conducted their foreign direct investment (FDI). Based on the theory of the eclectic paradigm of FDI initiated by John H. Dunning as a research framework, from the perspectives of Ownership advantages, Location advantages, and Internalization advantages, the analysis for the entry mode of FDI and the Key factors as well as company advantages to affect the decision were employed to examine both the primary data and secondary data. Primary data consisted of the interviews of domestic pharmaceutical companies and the data statistics from the Market Observation Post System (Taiwan stock market). Meanwhile, secondary data was collected from the news and the reports of the journals, magazines, and the websites. Four Biotech-pharmaceutical companies were interviewed in this study. The result shows that Location advantages may be the major factors for FDI in China of Taiwan companies. The factors consist of market -oriented, resources -oriented, and risk assessment factors. This study will contribute the strategic considerations for Taiwan international companies that operate foreign Biotechnology and Pharmaceutical business in China. This study also suggests the strategy for the international business and international management both in theory and the practice.