British pharmaceuticals : a cautionary tale
Froud, J.; Haslam, Colin; Johal, Sukhdev; Williams, Karel; Willis, Robert
Citation: Froud , J , Haslam , C , Johal , S , Williams , K & Willis , R 1998 , ' British pharmaceuticals : a cautionary tale ' Economy and Society , vol 27 , no. 4 , pp. 554-584 .
British pharmaceuticals is generally represented as a successful sector which illustrates the potential of knowledge-intensive, high-value-added activities. this article presents a revisionist account based on evidence and argument. Pharmaceuticals is a small sector which combines high-value-added and average wages to benefit capital not labour. the knowledgebase in the laboratory creates imitative product with marketing then applied to capture social expenditure. when product-market growth slows, the sector restructures defensively without solving its problems.
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