Assessing innovation effects in Dow/Dupont breaking new ground or déjà-vu?
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1 Assessing innovation effects in Dow/Dupont breaking new ground or déjà-vu? ABA GSS 5 May 2017 Thomas Deisenhofer Head of Unit Mergers Basic Industries, Manufacturing, Agriculture DG Competition, European Commission
2 Disclaimer I speak in my personal capacity. Please do not attribute what I say to the European Commission or DG Competition. When using information from my presentation, please refer neither to my identity nor affiliation.
3 Agenda Assessment of innovation effects in Dow/Dupont Dow/Dupont and the wider debate on innovation effects of mergers Breaking new ground or Déjà-vu? 3
4 ASSESSMENT OF INNOVATION EFFECTS IN DOW/DUPONT 4
5 Overview of transaction and of the areas of preliminary concerns "Merger of equals" of Dow and DuPont Agriculture Dow/DuPont revenues: ~$82B Material science Speciality Dupont $11B Dow $7B Dupont $6B Dow $45B Dupont $11B Dow $2B Crop protection products and seeds players Crop protection products of the Parties
6 INTRODUCTION TO CROP PROTECTION INDUSTRY Global market: USD 51 billion in 2015 EEA market: USD 10 billion 5 global integrated players Distinguish Active Ingredient (AI) and formulated products The lifecycle of a new AI starts with an R&D company's discovery and development: Total costs of discovery and development at around USD 280 million dollars, Around USD 80 million in discovery and USD 160 million in development Discovery takes 3-4 years, and development 5-6 years. The decision to move a molecule to development is thus key Generics 6
7 STRUCTURE OF THE ASSESSMENT What we look at: Effect on: Theory of Harm Existing products Product / Price competition (para 24 et seq. HMG) Elimination of competition between existing products with non-coordinated effects on price and product competition Products in development and existing products Product / Price competition (para 24 et seq to 60 HMG) AIs which have entered or are about to enter the development stage (80-90% likelyhood of coming to market) Loss of potential competition with existing products or between forthcoming products Overlapping lines of research and early pipeline products Innovation competition (para et seq HMG) Likely discontinuation, delay or redirection of overlapping lines of research and early pipeline products in specific innovation spaces R&D efforts and output of the parties and the industry Innovation competition (para et seq HMG) Structural reduction of incentives and ability to achieve the same level of innovation as the Parties separately absent the merger leading to a significant loss of innovation competition in the industry 7 7
8 Concerns and remedies Concerns: 8
9 Market structure (1): Past consolidation affecting innovation? 1. Concentration increased 2. Innovation output decreased (with particular incidence in the EEA) 3. Innovation efforts decreased 4. EBITDA increased significantly in the last years in crop protection => => Profitable innovation output restriction is feasible 5. Various market participants, including from the Parties, state that consolidation has contributed to fewer AIs being launched 9
10 Market structure (2): Features of innovation/competition Innovation competition takes place in innovation spaces characterised by specific lead crops/pests combinations Rivalry/competition for that innovation space is an important driver of innovation Divert future sales from rival innovator Protect existing sales Fear of cannibalisation of own existing sales is a disincentive to innovate for exactly the same innovation space => market features of the crop protection industry suggest that a merger between innovation competitors in a concentrated setting likely results in a decrease in the incentives to innovate by (1) reducing rivalry and (2) increasing incentives to avoid cannibalisation 10
11 Market structure (3): Concentration at industry and innovation spaces level Narrow industry oligopoly of only 5 global integrated R&D players globally around [80-90]% of the 2015 downstream turnover of products that include new AIs launched over the past ten years is accounted by AIs launched by the Big 5 Innovation competition in crop protection is characterised by high barriers to entry and expansion: regulatory, scale and R&D investment costs no entry likely Other companies are active in some stages of the innovation process, but are not comparable rivals to the Big 5 as regards innovation competition Monsanto FMC Japanese companies CP/Innovation Concentration of R&D players at innovation space level is higher than at industry level: around 80 % of European crop protection sales are served by 4 or less of the big 5 players 11 11
12 Important and close innovation competitors Dow and in particular DuPont are more important innovators than their market share or their R&D expenditure share suggest Ambitious strategic targets for efforts and output (number of new Ais and innovative impact) Track record and AI shares show commercial success of innovation Patent quality analysis based on citations shows high relative and combined strength Strong pipeline Dow and DuPont close innovation competitors Past head to head innovation competition in herbi/insecticides Ongoing and future head to head innovation competition Few other innovators in same innovation spaces 12
13 Effects of the merger on innovation Likely discontinuation, delay or reorientation of overlapping lines of research and pipeline products Publicly announced objective of the merger Detailed closeness and competitor analysis Evidence on specific candidate Capacity limitation and spending targets Likely significant and lasting reduction of incentives and ability to develop new products Counterfactual: planned R&D efforts and targets absent the merger Post-integration plans R&D spent FTE cuts Site closures Innovation out-put targets Unlikely significant countervailing reaction from competitors 13
14 WIDER DEBATE ON INNOVATION EFFECTS OF MERGERS 14
15 The 'stay away from innovation effects' critique I. Critique based on economics of innovation Schumpeter: 'market power provides incentive to innovate' Concentration 'may reduce scope for imitation/improve scale economics/generate cost efficiencies' =>'Complicated economics' with multidirectional effects =>'inverted U curve' II. Critique based on uncertainty 'unexpected sources' of innovation 'disruptive innovation' 'uncertain success' of future innovation => 'Enforcers should limit themselves to cases of (1) competing pipeline products which are (2) close to reaching the market and (3) clearly associated with an antitrust product market' 15
16 Legal foundations HMG 8 not just right, but duty to significantly harm innovation prevent those horizontal mergers which Section on non-coordinated effects applies mutatis mutandis innovation effects (price effects language is 'shorthand') also to HMG 38: HMG 38, 81 recognise that some horizontal mergers may be good for innovation But: significant unilateral effects can occur in those mergers where two important innovators merge overlapping pipelines is merely an example for unilateral effects No reference to discontinuation or closeness of pipeline to the market as pre-condition for harm HMG 80: cost reductions which are result of innovation out-put restriction are not efficiencies which benefit consumers 16
17 Economic foundations Competition key driver of innovation (Porter, contrast with Soviet Union ) Basic mechanism clear: competition creates incentives to innovate to capture sales from competitor protect existing sales Horizontal merger in narrow oligopoly between two close and important innovators likely to reduce innovation incentives Schumpeter misread: advocates 'creative destruction' through more innovation competition; not M&A to reduce innovation competition Depending on presence of countervailing industry features /facts/efficiencies some horizontal mergers may on balance be good for innovation Discontinuation of closely competing pipeline products is neither necessary nor sufficient condition for harmful innovation effects to occur Innovation effects matter: Dynamic effects often trump static effects 17
18 In practice: innovation concerns more likely if. Unilateral effects strong Limited number of rival innovators to the merged entity at innovation space or even industry level High barriers to entry in R&D (e.g. closeness in R&D is durable) Parties are significant and close innovators (e.g. as shown by overlaps in R&D activities and/or capabilities) Efficiencies weak Effective Intellectual Property Rights (i.e. limited scope for imitation/freeriding efficiencies) Innovation takes largely the form of product (rather than process) innovation, suggesting limited scale effects Limited complementarities in R&D R&D synergies are not efficiencies but rather anti-competitive reduction in competing R&D programs 18
19 In practice: evidence-based investigation e.g. in Dow/Dupont Market structure and features Importance and closeness Product/price competition Innov. effects at innovation space level Innov. Effects at industry level Concentration industry/innovation spaces; barriers; importance of rivalry; past mergers Internal docs; patent shares; AI shares; past and current products; overlaps for lines of research and pipeline products Efficiencies Not substantiated/proven Effect on competition Assumed Partly direct, partly indirect evidence Direct evidence on future spent, FTEs, capacity Effect on price/innovation Assumed Partly direct evidence, partly assumed Direct evidence on targeted output restriction
20 BREAKING NEW GROUND OR DÉJÀ-VU? 20
21 Preoccupations of some commentators 'a novel theory of harm in EU merger control' 'quantum leap' 'Dow/Dupont decision not based on specific products, not on pipeline, but solely on harm to innovation at industry level' 'focus on industry R&D instead of specific present/future markets' 'sole ground for innovation concern was a concentration from 5 to 4' 'unprecented and far reaching R&D remedy' 'significant tension with US approach for example in Genzyme/Novazymes' 21
22 US merger guidelines Specific section on unilateral effects on innovation Theory of harm based on standard unilateral effects: diversion, internalisation etc Distinguishes immediate effect on innovation due to curtailment of ongoing product development, and medium term effect on innovation due to reduced overall incentives to initiate development of new products Medium term effect relies on merger of two out of a limited number of firms with specific R&D capabilities in a specific area US guidelines recognise that mergers may increase innovation, but explicitly treat all countervailing effects (appropriability, scale etc.) as efficiencies 22
23 US practice AT&T/T-Mobile (2011) ' the proposed $39 billion transaction would substantially lessen competition for mobile wireless telecommunications services across the United States, resulting in higher prices, poorer quality services, fewer choices and fewer innovative products' Applied Materials/Tokyo Electron (2015): The semiconductor industry is critically important the proposed remedy would not have replaced the competition eliminated by the merger, particularly with respect to the development of equipment for next-generation semiconductors. Halliburton/Baker Hughes (2016): 'The Department of Justice filed a civil antitrust lawsuit today alleging that the transaction threatens to eliminate competition, raise prices and reduce innovation in the oilfield services industry.' 23
24 EU practice Deutsche Boerse/Euronext Concern: horizontal merger lessening incentives to innovate and therefore reduce innovation available to customers: Loss ofcompetition in technology, process and market design Parties contested the findings on innovation before the General Court as 'manifestly incorrect' The Court analysed the innovation part of the decision in detail and confirmed the Commission's analsys GE/Alstom Concern: elimination of important innovator in heavy duty gas turbines Significant R&D competitor: spent, headcount, testing facilities, technological abilities Post transaction GE would have likely eliminated most of Alstom's R&D capabilities Overall reduced incentives to innovate Due to very high barriers to entry harm to innovation long term Remedy includes the central parts of Alstom's gas turbine R&D organisation to preserve fourth fully fledged innovation player Forceclosure based cases on innovation such as Intel/Mc Afee, Cisco/Tandberg 24
25 Conclusions Concerns in Dow/Dupont were on both price and innovation competition Comprehensive remedy including large part of R&D organisation based on both price and innovation competition concerns Innovation part is based on well established and sound law and economics In contrast to standard price cases or previous innovation cases (e.g. Deutsche Börse) direct evidence on effects on competition and output Enforcement against medium term innovation effects beyond short term discontinuation of existing pipeline products is foreseen by the rules and routinely done both in the EU and the US 25
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