Abstract
This paper shows an analysis of strategic groups in the Spanish pharmaceutical industry. The first results reveal that differences between company performance and strategic groups do not exist. However, taking into account the innovative process in the pharmaceutical industry, when considering the risk-adjusted results we have confirmed the existence of differences among the strategic groups for some of the used indicators. The combination of radical and low-impact innovations, production for third parties, and commercialization under licenses can offer a better performance than other groups focused exclusively in innovation or in specific market segments.
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