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Revised 25 March 2005.

Abstract

Innovation is the lifeblood of the pharmaceutical industry, and has been a major driver of industry growth, as well as providing major advances for patients and society at large during the last century. Despite this record of success, the industry is currently under attack for its perceived lack of innovation. In this paper, data are provided that demonstrate that the pharmaceutical industry today is more innovative than even in its rapid, postwar growth period. The authors discuss in depth a framework for how today's R&D organisations can continue to be innovative.