Mariana Mazzucato is Professor of Economics at the Open University, where she is also Director of the inter-faculty research centre, Innovation, Knowledge and Development (IKD). Giovanni Dosi is Professor of Economics at the Sant'Anna School of Advanced Studies in Pisa.

Review of the hardback: 'The pharmaceuticals industry presents a fascinating set of paradoxes. Dramatic advances in fundamental science have been associated with a wave of mergers among the leading pharmaceutical firms, the entry of small drug-discovery specialist firms, large increases in industry R&D spending and an apparent slowdown in the rate of innovation. This collection examines these paradoxes and derives important implications for our understanding of this science-based industry and for our understanding of industrial dynamics more generally. This volume will be of great interest to students of evolutionary economics, economic theorists and empirical researchers.' David C. Mowery, University of California - Berkeley

• Figures; Tables; Contributors; 1. Introduction: innovation, growth and industry evolution Giovanni Dosi and Mariana Mazzucato; Part I. Innovation and Industry Evolution: 2. Pharmaceutical innovation as a process of creative destruction Frank Lichtenberg; 3. The evolution of pharmaceutical innovation Paul Nightingale and Surya Mahdi; 4. Firm and regional determinants in innovation models: evidence from biotechnology and traditional chemicals Myriam Mariani; 5. Comments on Part I Lou Galambos; Part II. Firm Growth and Market Structure: 6. Growth and diversification patterns of the worldwide pharmaceutical industry Giulio Bottazzi, Fabio Paolli and Angelo Secchi; 7. Heterogeneity in the firms' growth process: the case of the pharmaceutical industry Elena Cefis, Matteo Ciccarelli and Luigi Orsenigo; 8. Entry, market structure and innovation in a history-friendly model of the evolution of the pharmaceutical industry Christian Garavaglia, Franco Malerba and Luigi Orsenigo; 9. Comments on Part II Boyan Jovanovic; Part III. Policy Implications: 10. Effects of research tool patents and licensing on biomedical innovation John P. Walsh, Ashish Arora and Wesley Cohen; 11. Upstream patents and public health: the case for generic testing of breast cancer Fabienne Orsi, Christine Sevilla and Benjamin Coriat; 12. Competition, regulation and intellectual property management in GM foods: preliminary evidence from survey data Pierre Regibeau and Katherine Rockett; 13. Governance, policy and industry strategies: agro-biotechnology and pharmaceuticals Joanna Chataway, Joyce Tait and David Wield; 14. The dynamics of knowledge accumulation, regulation, and appropriability in the pharma-biotech sector: policy issues Luigi Orsenigo, Giovanni Dosi and Mariana Mazzucato.

Mariana Mazzucato is Professor of Economics at the Open University, where she is also Director of the inter-faculty research centre, Innovation, Knowledge and Development (IKD). Giovanni Dosi is Professor of Economics at the Sant'Anna School of Advanced Studies in Pisa.

Review of the hardback: 'The pharmaceuticals industry presents a fascinating set of paradoxes. Dramatic advances in fundamental science have been associated with a wave of mergers among the leading pharmaceutical firms, the entry of small drug-discovery specialist firms, large increases in industry R&D spending and an apparent slowdown in the rate of innovation. This collection examines these paradoxes and derives important implications for our understanding of this science-based industry and for our understanding of industrial dynamics more generally. This volume will be of great interest to students of evolutionary economics, economic theorists and empirical researchers.' David C. Mowery, University of California - Berkeley

• Figures; Tables; Contributors; 1. Introduction: innovation, growth and industry evolution Giovanni Dosi and Mariana Mazzucato; Part I. Innovation and Industry Evolution: 2. Pharmaceutical innovation as a process of creative destruction Frank Lichtenberg; 3. The evolution of pharmaceutical innovation Paul Nightingale and Surya Mahdi; 4. Firm and regional determinants in innovation models: evidence from biotechnology and traditional chemicals Myriam Mariani; 5. Comments on Part I Lou Galambos; Part II. Firm Growth and Market Structure: 6. Growth and diversification patterns of the worldwide pharmaceutical industry Giulio Bottazzi, Fabio Paolli and Angelo Secchi; 7. Heterogeneity in the firms' growth process: the case of the pharmaceutical industry Elena Cefis, Matteo Ciccarelli and Luigi Orsenigo; 8. Entry, market structure and innovation in a history-friendly model of the evolution of the pharmaceutical industry Christian Garavaglia, Franco Malerba and Luigi Orsenigo; 9. Comments on Part II Boyan Jovanovic; Part III. Policy Implications: 10. Effects of research tool patents and licensing on biomedical innovation John P. Walsh, Ashish Arora and Wesley Cohen; 11. Upstream patents and public health: the case for generic testing of breast cancer Fabienne Orsi, Christine Sevilla and Benjamin Coriat; 12. Competition, regulation and intellectual property management in GM foods: preliminary evidence from survey data Pierre Regibeau and Katherine Rockett; 13. Governance, policy and industry strategies: agro-biotechnology and pharmaceuticals Joanna Chataway, Joyce Tait and David Wield; 14. The dynamics of knowledge accumulation, regulation, and appropriability in the pharma-biotech sector: policy issues Luigi Orsenigo, Giovanni Dosi and Mariana Mazzucato.

Mariana Mazzucato is Professor of Economics at the Open University, where she is also Director of the inter-faculty research centre, Innovation, Knowledge and Development (IKD). Giovanni Dosi is Professor of Economics at the Sant'Anna School of Advanced Studies in Pisa.

Review of the hardback: 'The pharmaceuticals industry presents a fascinating set of paradoxes. Dramatic advances in fundamental science have been associated with a wave of mergers among the leading pharmaceutical firms, the entry of small drug-discovery specialist firms, large increases in industry R&D spending and an apparent slowdown in the rate of innovation. This collection examines these paradoxes and derives important implications for our understanding of this science-based industry and for our understanding of industrial dynamics more generally. This volume will be of great interest to students of evolutionary economics, economic theorists and empirical researchers.' David C. Mowery, University of California - Berkeley

• Figures; Tables; Contributors; 1. Introduction: innovation, growth and industry evolution Giovanni Dosi and Mariana Mazzucato; Part I. Innovation and Industry Evolution: 2. Pharmaceutical innovation as a process of creative destruction Frank Lichtenberg; 3. The evolution of pharmaceutical innovation Paul Nightingale and Surya Mahdi; 4. Firm and regional determinants in innovation models: evidence from biotechnology and traditional chemicals Myriam Mariani; 5. Comments on Part I Lou Galambos; Part II. Firm Growth and Market Structure: 6. Growth and diversification patterns of the worldwide pharmaceutical industry Giulio Bottazzi, Fabio Paolli and Angelo Secchi; 7. Heterogeneity in the firms' growth process: the case of the pharmaceutical industry Elena Cefis, Matteo Ciccarelli and Luigi Orsenigo; 8. Entry, market structure and innovation in a history-friendly model of the evolution of the pharmaceutical industry Christian Garavaglia, Franco Malerba and Luigi Orsenigo; 9. Comments on Part II Boyan Jovanovic; Part III. Policy Implications: 10. Effects of research tool patents and licensing on biomedical innovation John P. Walsh, Ashish Arora and Wesley Cohen; 11. Upstream patents and public health: the case for generic testing of breast cancer Fabienne Orsi, Christine Sevilla and Benjamin Coriat; 12. Competition, regulation and intellectual property management in GM foods: preliminary evidence from survey data Pierre Regibeau and Katherine Rockett; 13. Governance, policy and industry strategies: agro-biotechnology and pharmaceuticals Joanna Chataway, Joyce Tait and David Wield; 14. The dynamics of knowledge accumulation, regulation, and appropriability in the pharma-biotech sector: policy issues Luigi Orsenigo, Giovanni Dosi and Mariana Mazzucato.