Abstract
In this paper, we study changes in R&D expenditure of Japanese pharmaceutical manufacturers between 1975 and 1990. The analysis contributes to our understanding of firms' R&D strategy as a dynamic process. How competitors change their relative R&D positions, more than whether differences exist at one time, has a major impact on changes in competitive strength within technology-intensive industries. Understanding the dynamics of R&D expenditure is an important element in understanding why large firms do not always stay large and why industry leaders are sometimes dislodged by innovative followers. In addition, the study is intrinsically interesting because it helps us understand the changing nature of technological competition in an important global industry. Individual firms in the pharmaceutical industry are pursuing very different R&D investment strategies. Understanding the differences is critically important if we are to understand the potential strength of the firms in the future global pharmaceutical industry.
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