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Обоснование методического подхода к оценке стоимости фармацевтической компании
This paper proposes a methodological approach to assessing the value of a pharmaceutical company, based on the concept of economic value added (EVA). This concept allows not only to fix the current price of the company's assets, investment costs and expectations of its investors, but also to take into account the macro-economic situation in the market and the specifics of the pharmaceutical industry. The article identifies features of the global pharmaceutical market, such as a strong concentration of the industry environment, a high degree of capital-and knowledge-intensive innovation, due to the nature of ongoing research to create new, more effective and safer drugs, low price elasticity of demand for bulk products industries left , market dominance and blockbuster of generic business models, highly regulated industry environment. These features allowed formulating a hypothesis about the positive impact on the market value of the pharmaceutical company values its costs for R&D, as well as the cost of being on its balance of patents and goodwill. The regression analysis conducted on a sample of the Top-20 largest global pharmaceutical industry in 2013, allowed to construct and evaluate multiple regression models in which the variable dependent acted indicator EVA, and the explanatory variables - components that are formed NOPAT, IC and WACC. Results of the analysis at the 5% significance level with a coefficient R-squared, equal to 0.7148, extended confirmed in the study hypothesis. Acting on identified key cost factors, management of the pharmaceutical company is able to exercise strategic control-parameter modern business, increasing investment attractiveness and competitiveness in the global market.