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Resource-based theory of competitive advantage - a framework for pharmacy practice innovation research
1Center for Pharmacy Practice Innovation (CPPI), Department of Pharmacotherapy & Outcomes Science, School of Pharmacy, Virginia Commonwealth University. Richmond, VA (United States). david.holdford@vcu.edu.
Pharmacy Practice
|November 13, 2018
Summary
This study introduces the resource-based theory to explain why pharmacy practice innovations succeed or fail. It highlights internal resources, capabilities, and market factors for sustainable adoption of new pharmacy services.
Area of Science:
- Pharmacy Practice and Management
- Health Services Research
- Business Strategy in Healthcare
Background:
- Evidence-based pharmacy practice innovations show promise but often fail post-implementation.
- A need exists for frameworks to understand the sustainability and dissemination of pharmacy service innovations.
Purpose of the Study:
- To present the resource-based theory of competitive advantage as a framework for analyzing pharmacy service innovations.
- To provide a foundation for comparing research on pharmacy innovations.
- To propose research questions for advancing the literature on pharmacy practice innovations.
Main Methods:
- Application of resource-based theory to pharmacy service innovations.
- Analysis of factors influencing innovation sustainability: internal resources, capabilities, competitive advantage, market attractiveness, and financial performance.
Main Results:
- The resource-based theory offers a comprehensive lens to understand the adoption and dissemination of pharmacy innovations.
- Sustainability hinges on a firm's unique resources, capabilities, and strategic market positioning.
Conclusions:
- Resource-based theory can serve as a general theory for studying pharmacy practice innovations.
- Competition is integral to pharmacy practice, making this theory highly relevant.
- Further research questions are posed to deepen understanding of innovation dynamics in pharmacy.
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