Knowledge Accumulation and Industry Evolution

'The modern pharmaceuticals industry presents a fascinating set of paradoxes. Dramatic advances in fundamental science have been associated with a wave of mergers among the leading pharmaceutical firms, the entry of small drug-discovery specialist firms, large increases in industry R&D spending and an apparent slowdown in the rate of innovation. This collection examines these paradoxes and derives important implications for our understanding of this science-based industry and for our understanding of industrial dynamics more generally. This volume will be of great interest to students of evolutionary economics, economic theorists and empirical researchers.' David C. Mowery, Haas School of Business, University of California - Berkeley 'This volume is remarkable and exciting for several reasons - a topic of first-order social importance, outstanding authors, excellent research. Above all, it has the high energy that comes from engaging current controversies in key areas of scholarship and public policy.' Sidney G. Winter, Deloitte and Touche Professor of Management at The Wharton School, University of Pennsylvania 'An enriching intellectual tour through the complex and dynamic landscape of the modern pharmaceutical industry. The rigorous analyses contained in the volume explore a variety of the most salient issues in the economics of innovation and industry evolution.' Gary Pisano, Harry E. Figgie, Jr. Professor of Business Administration, Harvard Business School