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ABSORPTIVE CAPACITY AND INNOVATION PERFORMANCE OF PHARMACEUTICAL FIRMS - A CONCEPTUAL FRAMEWORK

Pharmaceutical companies are facing challenges to improve productivity in research and development, to ensure that patients all over the world have access to a safe and effective drug, and to improve performance to satisfy all stakeholders. To meet these challenges, pharmaceutical firms focus on a variety of business drivers that help them gain competitive advantage and remain profitable. They build absorptive capacity, which is the identification, assimilation, transformation and exploitation of new knowledge (Cohen and Levinthal, 1990) by investing in R&D and marketing. These firms formulate a strategy that ensures successful commercialization of their R&D output in the market. In addition, they integrate their functional units by the use of cross-functional teams and move from a centralized R&D to decentralized innovation centers to bring efficiency and effectiveness to their operations.