Cohesion in bio-pharmacological cluster
L.S. Markov, I.G. Teplova, M.A. Yagolnitser
Keywords: regional cluster, innovation, connectedness, transaction costs, economic growth
Pages: 19-37
Abstract
The paper analyses the innovation aspects of how a bio-pharmacological cluster operate, including that concerning the connectedness of such cluster. We state that contacts with contractors within a cluster are of critical importance for any cluster's company as any contractor could be regarded as a supplier of new ideas, technologies and innovations for the cluster. On the other hand, the high transaction costs are a major institutional force which limits the cluster's growth.
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