RESULTS: New entrants of a market (β=0.351, P<0.01)and companies who have the ability to produce raw materials (β=0.254, P<0.01) are more likely to became bid winners. Companies who have more potential competitors (β=-0.469, P<0.01) and foreign pharmaceutical companies (β=-1.480, P<0.01) are less likely to win the bid. Among bid winners, new entrants (β=0.545, P<0.1) and companies who are potential for multiple bidding (β=0.343, P<0.05) are more likely to win the bid through a higher price. Companies tend to bid for lower prices when they have more potential competitors(β=-0.864, P<0.05).