British pharmaceuticals : a cautionary tale
Author
Froud, J.
Haslam, Colin
Johal, Sukhdev
Williams, Karel
Willis, Robert
Attention
2299/7707
Abstract
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.