Abstract As the crux of the global economy shifts from capital-intensive to technology-driven industries, debate continues over the state’s role in frontier technology sectors. Studies emphasize the importance of state support for domestic R&D, but in frontier technology sectors, even when firms innovate, they may struggle to reach the market if they fail to navigate regulatory barriers across various stages of the value chain. Thus, we must reconsider the relationship between upgrading and commercialization, examining how regulation affecting various links in the chain can either constrain competitiveness or, in some cases, create opportunities for late developers. Focusing upon the South Korean pharmaceuticals industry, this article argues that one crucial way the state can support domestic firms today is to pursue a strategy of regulatory upgrading, helping firms navigate what I term the global regulatory chain, which spans national borders and impacts all stages of the production process and market entry.
Su Yeone Jeon (Thu,) studied this question.
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