The biotech and pharmaceutical industries have been hotbeds for innovation development for the past few decades. Biotech and pharmaceutical firms provide travel vaccines, therapeutic products, diagnostics and other medical products and devices. Pharmaceutical business stalwarts Eli Lilly, Pfizer, Merck and Novartis originally started out only doing pharmaceutical research and pharmaceutical testing. They have since moved into the biotech industry space, doing research and sales and leading the way in biotech and pharmaceutical strategy innovation and life sciences innovation development.
Traditionally, strategy innovation and innovation development amongst startup biotech and pharmaceutical firms has been vital, considering that the FDA (U.S. Food and Drug Administration) approval process itself takes ages and that there is a great degree of competition and high costs involved in this niche area.
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