ITEM METADATA RECORD
Title: Learning from failures or failing to Learn? Lessons from pharmaceutical R&D
Authors: Magazzini, L. ×
Pammolli, F.
Riccaboni, Massimo #
Issue Date: 2012
Publisher: John Wiley & Sons Ltd
Series Title: European Management Review vol:9 issue:1 pages:45-58
Abstract: Innovation is a trial and error process in which both successes and failures contribute to knowledge creation and destruction. In this paper we test theoretical predictions about the role of failures in new product development on private and public knowledge and interfirm knowledge transfer. We analyse the outcomes of world-wide RD projects in the pharmaceutical industry, and proxy knowledge flows with forward citations received by patents associated with each project. We find that patents covering successfully completed projects (i.e., leading to drug launch on the market) receive more citations than those associated to failed (terminated) projects, which in turn are cited more often than patents lacking clinical or preclinical information. Failures by specialized firms are cited more frequently than the ones of generalist companies. We therefore offer evidence of the value of failures as research inputs in (pharmaceutical) innovation
ISSN: 1740-4754
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Department of Managerial Economics, Strategy and Innovation (MSI), Leuven
× corresponding author
# (joint) last author

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