Innovation and Financialization in the U.S. Pharmaceutical Industry: A Perspective on the Integration of History and Theory in Support of a Prospectus on Collaborative Research

By William LAZONICK and ├ľner TULUM

This perspective/prospectus essay, written for the Institute for New Economic Thinking, summarizes a body of knowledge growing out of an ongoing research collaboration between the Academic-Industry Research Network (AIRnet) and the Bentley University Center for the Integration of Science and Industry (Sci-Industry). We thank Fred Ledley for his extensive comments on this essay as well as insights providing by participants in the AIR-SciIndustry seminar run during 2020 and 2021 on innovation and financialization in pharmaceuticals.

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