INNOVATIONS IN PHARMA SECTOR: A REVIEW

ABSTRACT

Innovation is one of the pharmaceutical industry’s most defining characteristics. New medications can be crucial for maintaining the quality of human life, and may even affect its duration. The pressure to succeed is tremendous. Pharmaceutical innovation is hardly an orderly, predictable process. It follows a technology-push model dependent on a twisting route of scientific breakthroughs with uneven timing and hard to foresee outcomes. Drug innovation as a business process requires perception strategic, organizational, and managerial decisions. It is already enjoying intensive research coverage, giving rise to abundant but relatively dispersed knowledge of the mechanisms driving drug discovery and development. This will be a comprehensive impression of the process of drug innovation from a business and academic perspective. the evolving organizational forms and models for collaboration, summarize significant empirical regularities, and highlight differences in market positions related to firms’ strategic orientation, innovation emphasis, attitudes to risk, and specialized resources. As a guide to future research, critical drivers and modes for drug innovation are systematized in a unifying framework of characteristics and process decisions. Because of its rich potential and high significance, research on drug innovation seems poised to gain increasing momentum in the years to come.

KEYWORDS: Pharmaceutical Industry, Quality of Human life, Pharmaceutical innovation.