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From financialisation to innovation in UK Big Pharma : AstraZeneca and GlaxoSmithKline / Öner Tulum, Antonio Andreoni, William Lazonick.
- Format:
- Book
- Author/Creator:
- Tulum, Öner, author.
- Andreoni, Antonio, author.
- Lazonick, William, author.
- Series:
- Cambridge elements. Elements in reinventing capitalism
- Cambridge elements. Elements in reinventing capitalism 2634-8950
- Language:
- English
- Subjects (All):
- AstraZeneca (Firm)--Finance.
- AstraZeneca (Firm).
- GlaxoSmithKline--Finance.
- GlaxoSmithKline.
- Pharmaceutical industry--Great Britain--Finance.
- Pharmaceutical industry.
- Pharmaceutical biotechnology industry--Great Britain--Finance.
- Pharmaceutical biotechnology industry.
- Physical Description:
- 1 online resource (104 pages) : digital, PDF file(s).
- Edition:
- First edition.
- Place of Publication:
- Cambridge : Cambridge University Press, 2022.
- Summary:
- The tension between innovation and financialisation is central to the business corporation. Innovation entails a 'retain-and-reinvest' allocation regime that can form a foundation for stable and equitable economic growth. Driven by shareholder-value ideology, financialisation entails a shift to 'downsize-and-distribute'. This Element investigates this tension in global pharmaceuticals, focusing on the two leading UK companies AstraZeneca and GlaxoSmithKline. In the 2000s both adopted US-style governance, including stock buybacks and stock-based executive pay. Over the past decade, however, first AstraZeneca and then GlaxoSmithKline transitioned to innovation. Critical was the cessation of buybacks to refocus capabilities on investing in an innovative drugs pipeline. Enabling this shift were UK corporate-governance institutions that mitigated US-style shareholder-value maximisation. Reinventing capitalism for the sake of stable and equitable economic growth means eliminating value destruction caused by financialisation and supporting value creation through collective and cumulative innovation. This title is also available as Open Access on Cambridge Core.
- Contents:
- 1. Introduction; 2. Innovation and Competition in the Global Pharmaceutical Industry; 3. The Innovation-Financialisation Tension in the Global Pharmaceutical Industry; 4. AstraZeneca; 5. GlaxoSmithKline; 6. Explaining the Financialisation-to-Innovation Transition at AstraZeneca and GlaxoSmithKline; Appendix; References.
- Notes:
- Title from publisher's bibliographic system (viewed on 30 Nov 2022).
- Includes bibliographical references.
- ISBN:
- 9781009278188
- 1009278185
- 9781009278171
- 1009278177
- 9781009278140
- 1009278142
- OCLC:
- 1492944953
- Access Restriction:
- Open Access. Unrestricted online access
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