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Innovation and Discovery in the Ethical Pharmaceutical Industry

In: Research and Innovation in the Modern Corporation

Author

Listed:
  • Edwin Mansfield

    (University of Pennsylvania)

  • John Rapoport

    (Mount Holyoke College)

  • Jerome Schnee

    (Columbia University)

  • Samuel Wagner

    (Temple University)

  • Michael Hamburger

    (Federal Reserve Bank of New York)

Abstract

In this chapter, we focus attention on the process of innovation and discovery in one of the most dynamic and research-intensive industries in the American economy—the ethical drug industry. A pharmaceutical innovation is the first application of a pharmaceutical discovery. The distinction between an innovation and a discovery is important in the ethical pharmaceutical industry because the medical benefits of a pharmaceutical discovery cannot be fully realized until the drug is actually produced and distributed to the medical profession.1 Fortunately, it is not too difficult to identify the innovator—the firm that was first to introduce a certain new drug to the market. What is more difficult is to trace an innovation back to its sources.

Suggested Citation

  • Edwin Mansfield & John Rapoport & Jerome Schnee & Samuel Wagner & Michael Hamburger, 1971. "Innovation and Discovery in the Ethical Pharmaceutical Industry," Palgrave Macmillan Books, in: Research and Innovation in the Modern Corporation, chapter 8, pages 157-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01639-6_8
    DOI: 10.1007/978-1-349-01639-6_8
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    Cited by:

    1. Arthur W. Lake, 1976. "Foreign Competition and the UK," NBER Working Papers 0155, National Bureau of Economic Research, Inc.

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