Innovation co-operation in case of Hungarian pharmaceutical companies

Abstract

Innovation, the efficient and effective transformation of new ideas into marketable products, services or technologies, has become a decisive factor for survival in the competitive structure and proved a key concept for the present socio-economic development. Innovation is considered to be a significant factor of market success. Pharmaceutical industry with its more than 100 year-old history stands in the focus of my analysis. It belongs to one of the most innovative and competitive branches in Hungary. In a socioeconomic environment where innovation activity is tremendously expensive and where it is crucial when a product or technology is launched to the market, co-operation seems to be a perfect strategy to reduce the risks and costs of the market launch and to accelerate the speed of the innovation activity.