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Changing Governance of Local EconomiesResponses of European Local Production Systems$
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Colin Crouch, Patrick Le Galès, Carlo Trigilia, and Helmut Voelzkow

Print publication date: 2004

Print ISBN-13: 9780199259403

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0199259402.001.0001

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The Biopharmaceutical Cluster in Oxford

The Biopharmaceutical Cluster in Oxford

(p.237) 15 The Biopharmaceutical Cluster in Oxford
Changing Governance of Local Economies

Neill Proudfoot

Oxford University Press

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.

Keywords:   Oxford, biopharmaceutical cluster, LCCGs, pharmaceutical firms, industrial policy

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