A research note on market creation in the pharmaceutical industry |
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| Authors: | Jenny Darroch Morgan P Miles |
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| Institution: | a Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University, 1021 North Dartmouth Avenue, 909-607-2471, Claremont, CA 91711, USAb School of Management, University of Tasmania, Locked Bag 1316, Launceston, Tasmania 7250, Australia |
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| Abstract: | When a firm launches a market-creating innovation, it launches a new product for which there are no close product substitutes. Thus, the new product causes a shift in the existing product-market structure of an industry. This paper reports on the findings of the analysis of 51 large pharmaceutical firms and their market-creating activities. The study suggests that market-creating firms have capabilities in both R&D and marketing. Furthermore, market-creating firms enjoy stronger efficiencies, manage costs better and make more profitable use of their assets. |
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| Keywords: | Market creation Innovation Marketing capabilities R& D capabilities Pharmaceutical industry |
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