Innovative companies in the international pharmaceutical market

Abstract

Increasing the role of the global imperative of health care as a benchmark for the civilizational development of mankind in the modern era creates a strong demand for achievement of high performance in the inno­vative sector of contemporary pharma­ceuticals. At the same time, the innovation process is a complex and high-risk phenomenon, which depends on the interaction of a number of factors. The preliminary research hypothesis presented in this article is the thesis on the conditionality of innovations in the interna­tional pharmaceutical business by the contra­dictory influence of factors of both external (exogenous) and internal (endogenous) origin and their significant external consequences for global healthcare, economic development and social welfare. The purpose of the article is to disclose the exogenous determinants of innova­tive development of companies in the interna­tional pharmaceutical market. To accomplish the task, a complex of methods of scientific knowledge, which contains analysis and synthesis, comparative analysis and syste­matization, is applied. To obtain substan­tiated conclusions, the study was based on the CASE STUDY method and empirical-statistical analysis. The study showed that the pharmaceutical business is currently one of the most dynamic and innovation-oriented sectors of the global economy, which has received additional impetus for its development in the conditions of COVID-19, revolutionary shifts in the system of fundamental science, active integration of artificial intelligence into research and pro­duction processes. The assessment of indivi­dual regulatory levers of influence on the activities of pharmaceutical companies has shown some differences in national regimes for regulation and maintenance of innovative activity in the pharmaceutical sector, in parti­cular regarding the practice of direct R&D subsidization, the scale of the spread of reimbursement mechanisms, the intellectual property protection, etc. The analysis also demonstrated that marketing technologies have a strong impact on the implementation of pharma­ceutical companiesʼ innovation priorities, in particular, due to the active implementation of product life cycle strategies, the continua­tion of market exclusivity and the protection of monopolistic drug sales is achieved. Future research prospects are considered in terms of the analysis of economic mechanisms for the inclusion of national companies in the global chains of new drug development and production, directions of increasing the investment attracti­veness of the domestic pharmaceutical sector for leading non-resident companies, which are leaders of the international market.