Munjae Lee

Factors associated with health services utilization between the years 2010 and 2012 in Korea: using Andersen's Behavioral model

Objectives This study aimed to examine the factors associated with health services utilization using Andersens behavioral model. Methods We collected Korea Health Panel data between the years 2010 and 2012 from the consortium of the National Health Insurance Service and the Korea Institute for Health and Social Affairs, and analyzed the data to determine the outpatients and inpatients of health services utilization. Results Health services utilization was more significantly explained by predisposing and need factors than enabling factors. The outpatients were examined more specifically; sex, age, and marital status as predisposing factors, and chronic illness as a need factor were the variables that had significant effects on health-services-utilization experience. The inpatients were examined more specifically: sex, age, and marital status in predisposing factors; education level, economic activities, and insurance type in enabling factors; and chronic illness and disability status in need factors were the significant variables having greater effects on health-services-utilization experience. Conclusion This study suggests the practical implications for providing health services for outpatients and inpatients. Moreover, verifying the general characteristics of outpatients and inpatients by focusing on their health services utilization provides the baseline data for establishing health service policies and programs with regard to the recently increasing interest in health services.

The Determinants of Research and Development Investment in the Pharmaceutical Industry: Focus on Financial Structures

Objectives This study analyzes the influence of the financial structure of pharmaceutical companies on R&D investment to create a next-generation profit source or develop relatively cost-effective drugs to maximize enterprise value. Methods The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price is extracted from KISVALUE-Ⅲ of NICE Information Service Co., Ltd. Stata 12.0 was used as the statistical package for panel analysis. Results The current ratio had a positive influence on R&D investment, the debt ratio had a negative influence on R&D investment, and return on investment and net sales growth rate did not have a significant influence on R&D investment. Conclusion It was found in this study that the higher liquidity ratio, the greater the R&D investment. The stability of pharmaceutical companies has a negative influence on R&D investment. This finding is consistent with the prediction that if a company faces a financial risk, it will be passive in R&D investment due to its financial difficulties.

Financial Analysis of National University Hospitals in Korea.

Objectives This paper provides information for decision making of the managers and the staff of national university hospitals. Methods In order to conduct a financial analysis of national university hospitals, this study uses reports on the final accounts of 10 university hospitals from 2008 to 2011. Results The results of comparing 2008 and 2011 showed that there was a general decrease in total assets, an increase in liabilities, and a decrease in total medical revenues, with a continuous deficit in many hospitals. Moreover, as national university hospitals have low debt dependence, their management conditions generally seem satisfactory. However, some individual hospitals suffer severe financial difficulties and thus depend on short-term debts, which generally aggravate the profit and loss structure. Various indicators show that the financial state and business performance of national university hospitals have been deteriorating. Conclusion These research findings will be used as important basic data for managers who make direct decisions in this uncertain business environment or by researchers who analyze the medical industry to enable informed decision-making and optimized execution. Furthermore, this study is expected to contribute to raising government awareness of the need to foster and support the national university hospital industry.

Analysis on Time-Lag Effect of Research and Development Investment in the Pharmaceutical Industry in Korea

Objectives The aim of this study is to analyze the influence of the research and development (R&D) investment of pharmaceutical companies on enterprise value. Methods The period of the empirical analysis is from 2000 to 2012, considering the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association, and data related to stock price were extracted from KISVALUE-III of National Information and Credit Evaluation Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. Results In the pharmaceutical firms, the influence of the R&D intensity with regard to Tobins q was found to be positive. However, only the R&D expenditure intensities of previous years 2 and 5 (t–2 and t–5, respectively) were statistically significant (p < 0.1), whereas those of previous years 1, 3, and 4 years (t–1, t–3, and t–4, respectively) were not statistically significant. Conclusion R&D investment not only affects the enterprise value but is also evaluated as an investment activity that raises the long-term enterprise value. The research findings will serve as valuable data to understand the enterprise value of the Korea pharmaceutical industry and to strengthen reform measures. Not only should new drug development be made, but also investment and support should be provided according to the specific factors suitable to improve the competitiveness of each company, such as generic, incrementally modified drugs, and biosimilar products.

Blepharoptosis correction transconjunctivally using buried suture method: A prospective cohort study

BACKGROUND Blepharoptosis correction with minimal eyelid scarring is a desirable outcome. The aim of this study was to describe in detail our method of blepharoptosis correction transconjunctivally using buried suture method and to demonstrate its effectiveness. METHODS From June 2012 to May 2013, we performed a blepharoptosis correction transconjunctivally using buried suture method on 458 eyelids in 245 patients. During this procedure, we utilized six separate threads to form multiple knots. This thread was transconjunctivally inserted into the point located above the superior tarsal margin involving the superior levator palpebral and Müller muscles. RESULTS A total of 409 eyelids (89%) were successfully corrected. Undercorrection was encountered in 49 eyelids (25 patients). Of the 25 patients, only 16 patients were dissatisfied with the undercorrection and thus underwent reoperation. Three patients with asymmetric double eyelid ptosis also underwent reoperation. Five patients required reoperation to correct eyelid fold loosening, which occurred during the follow-up period. No major complications such as overcorrection, persistent irritation, and keratitis were observed. CONCLUSIONS Using our technique, we could achieve the desired correction by accurately checking the rate of correction. We have demonstrated here excellent predictability and success rate in mild and moderate ptosis. We believe that a blepharoptosis correction transconjunctivally using buried suture method is an effective treatment method.

Impact of Corporate Governance on Research and Development Investment in the Pharmaceutical Industry in South Korea

Objectives The purpose of this study is to analyze the influence of the corporate governance of pharmaceutical companies on research and development (R&D) investment. Methods The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general, and internal transactions were extracted from TS-2000 of the Korea Listed Company Association. Sample firms were those that belong to the medical substance and drug manufacturing industries. Ultimately, 786 firm-year data of 81 firms were included in the sample (unbalanced panel data). Results The shareholding ratio of major shareholders and foreigners turned out to have a statistically significant influence on R&D investment (p < 0.05). No statistical significance was found in the shareholding ratio of institutional investors and the ratio of outside directors. Conclusion The higher the shareholding ratio of the major shareholders, the greater the R&D investment. There will be a need to establish (or switch to) a holding company structure. Holding companies can directly manage R&D in fields with high initial risks, and they can diversify these risks. The larger the number of foreign investors, the greater the R&D investment, indicating that foreigners directly or indirectly impose pressure on a manager to make R&D investments that bring long-term benefits.

Competitive Strategy for Successful National University Hospital Management in the Republic of Korea

Objectives This study provides information to aid decision making for managers and the staff of national university hospitals through analyzing their financial statements. Methods In order to analyze the finances of national university hospitals, this study used the report of final accounts announced by each hospital from 2009 to 2012 as baseline data. The research participants were 10 national university hospitals. Results According to the results of the analysis, most hospitals (except for a few) had medical expenses exceeding their medical revenues, resulting in a net deficit; however, there were significant differences amongst the hospitals. The result of adjustments based on a standard size of 100 beds showed that most hospitals had medical revenue deficits, and there were significant differences between hospitals in terms of medical revenues and medical costs. Conclusion It is not clear whether an expansion of national university hospitals is always beneficial for increasing net revenues, and it is necessary to establish a differentiation strategy to increase profitability by securing financial soundness instead of externally-oriented growth.

The Relationship between R&D investment and Ownership Structure in KOSDAQ Pharmaceutical Firms

본 연구는 우리나라 코스닥 제약기업을 대상으로 소유구조가 제약기업의 연구개발투자(R&D)에 미치는 영향을 분석하였다. 실증분석을 위한 표본은 2000년부터 2012년까지 상장된 기업들 중 코스닥 제약기업을 대상으로 하였으며사용된 전체 표본은 13개년 자료로써 358개 관측치를 가진 불균형패널자료이다. 본 연구에 사용된 주요 변수들 중 개별기업 별 재무자료는 상장회사 협의회의 TS-2000을, 임원현황 및 주주분포 등은 금융감독원 전자공시 시스템의 각 기업 사업보고서 자료를 통해 자료를 직접 수집하였으며 기업나이, 기업크기 등은 NICE신용평가정보의 KISVALUE-Ⅲ 등의 자료를 참고하였다. 연구결과, 첫째 주요주주율과 외국인투자율은 연구개발투자에 긍정적인 영향을 미쳤다. 둘째, 사외이사율은 연구개발투자에 부정적인 영향을 미쳤다. 셋째, 기관투자율은 통계적으로 유의한 결과를 미치지 못했다.

Effect of Cash flow on the R&D investment of Pharmaceutical Companies - focused on KOSDAQ market

본 연구는 우리나라 코스닥 제약회사를 대상으로 내·외부금융이 연구개발투자(R&D)에 미치는 영향을 분석하였다. 실증분석을 위한 표본은 2009년부터 2013년까지 상장된 기업들 중 코스닥 제약회사를 대상으로 하였으며 사용된 전체 표본은 5개년 자료로써 212개 관측치를 가진 불균형패널자료이다. 본 연구에 사용된 주요 변수들 중 개별기업 별 재무자료는 상장회사 협의회의 TS-2000, 금융감독원 전자공시 시스템의 각 기업 사업보고서, NICE신용평가정보의 KISVALUE-Ⅲ 등의 자료를 통해 직접 수집하였으며, 패널분석을 위해 STATA 12.0을 사용하였다. 연구결과, 첫째 내부금융(유동비율)은 연구개발투자에 긍정적인 영향을 미쳤다. 둘째, 외부금융(부채비율)은 연구개발투자에 부정적인 영향을 미쳤다. 본 연구는 자본시장에서 정보의 비대칭으로 인해 외부금융보다 내부금융이 더 선호됨을 알 수 있다. 즉, 제약기업의 연구개발투자 활성화를 위해 내부금융의 관리 및 정부의 정책적 지원이 필요함을 보여준다.