Innovative development in pharmaceutical companies

Abstract

Innovations in pharmaceutical companies are one of the key factors in their competitiveness nowadays. Primarily, company’s growth depends on modernization of the system with administrative and technological innovations, the efficiency of which might be low unless the business processes and staff qualifications correspond to the technologies’ development level. The article deals with the basic stages and periods of the innovation cycle’s development, and outlines the main functions of the innovation management in the pharmaceutical companies. The crucial principles and the evaluation sequence of the innovative activity management effectiveness of the pharmaceutical companies are analyzed.