The future of pharmaceuticals industry within the triad: The role of knowledge spillovers in innovation process

Abstract The purpose of this paper is to investigate the role of knowledge spillovers on productivity returns pharmaceutical leading firms. The analysis is based upon a dataset (sourced from the EU RD Jaffe, 1986 ). The results confirmed the leadership of Europe and the USA in the pharmaceutical sector, highlighting the innovative capacity of Pfizer. The results might be interpreted to provide some useful implications for pharmaceutical policy strategy given that mainly in the pharmaceutical industry the private sector innovations derive from public-sector research investments.

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