ABSTRACT
The pharmaceutical industry’s success hinges on R&D, as its growth depends on the degree to which pharmaceutical companies embrace innovation. The importance of innovation for business success is exemplified by the companies’ significant investments in R&D, which amount to $100 billion a year (Schumacher et al., 2013). These investments make pharmaceutical companies among the top investors in R&D in the world (Schumacher et al., 2013). In addition to increasing innovation through R&D and technology, pharmaceutical companies performed internal structural changes that enabled them to efficiently incorporate the innovation of external sources into their business operations (Schumacher et al., 2013). For example, in 2010 Pfizer launched the Centers for Therapeutic Innovations (Pfizer, 2016; Schumacher et al., 2013). Located in Boston, New York City, San Diego, and San Francisco, these centers aim to bridge the gap between academia and the industry by blending Pfizer’s resources with the expertise of 23 academic centers (Pfizer, 2016).
