Principles And Strategies For Corporate Knowledge Innovation

Innovation is a widely used business strategy across the world. It has many dimensions. The most popular dimension is new product development. In many instances it has been observed that innovation could not bring any significant benefits to the business. This scenario is equally true in case of many pharmaceutical companies. These pharmaceutical companies need better proposition for their innovation strategy. In this circumstance, there are several large multinational and regional companies they are doing excellent in their respective businesses. From an initial investigation it was revealed that these companies are using knowledge in their new product development. But so far no theory has been established on pharmaceutical industry as relatively a less number of researches have been done under the knowledge management domain, especially on the innovation aspect of knowledge management. In such a situation, this research has been conducted to know how knowledge can be used in the innovation process, to measure the contribution of knowledge towards innovation and success of the business, and to determine the strategic direction regarding using knowledge for innovation. The central theme of this research was to examine the role of knowledge for organizational renewal with the help of knowledge. In this connection, a number of contextual issues e.g. potential of information and knowledge for innovation; individual and organizational learning; creativity and innovation; performance measurement; process of innovation and other contextual aspects of innovation, etc. were identified and analyzed critically. At the end of this research, three recommendations have been proposed - a framework for using knowledge for innovation - corporate knowledge innovation (CKI) framework; a process for assessing knowledge performance for innovation - corporate knowledge scorecard (CKSC); and guidelines for making a knowledge-innovative organization (KIO).A comprehensive research methodology has been applied in this study. Research philosophy, approach and strategy were phenomenology, induction and case study respectively. Data and information were collected through interview, document analysis and observation. Collected data and information were analyzed by using various qualitative tools.This research was conducted exclusively in developing country context. It is presumed that the outcomes of this study will be able to make the companies in developing countries more competitive in terms of producing more intelligent innovative products. Although, the research results are based on pharmaceutical industry yet these recommendations have general applicability. Companies across the world irrespective of industry can pursue these recommendations as these are flexible and subject to modification as per the merit of the situation. A great care has been taken to keep these recommendations more realistic and practicable.