This analysis reveals innovation challenges in the biopharmaceutical sector, highlighting the link between corporate strategy and success factors.
Innovation is the key to success for any organization and distinguishes a firm from its competitors. Definitions of innovation vary by industries, as industrial features require distinctive innovation capabilities. This paper describes the bio pharmaceutical industry’s idiosyncratic issues, innovation-related challenges, success factors, and a close relationship between corporate strategy and innovation. Currently, the bio pharmaceutical industry needs to be better equipped to handle current market factors including the influence of globalization and new drug laws. To reflect the industrial challenges, this paper contextualizes biopharmaceutical innovation and its success factors, and frames distinctive innovation capabilities by literature and theories. This paper contends that innovation capability consists of managerial capability and its strategic behavior.
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Kim et al. (2013) studied this question.
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