IMPACT OF INNOVATIVE STRATEGIES ON LONG-TERM SUSTAINABILITY ANDGROWTH: EVIDENCE FROM THE PHARMACEUTICAL INDUSTRY IN THE MIDDLEEAST

Povzetek

This study analyses the effect of continuous innovative strategies in the shortrun via life cycle management (LCM) strategies

and the longrun via Open InnovationOI strategies, on companies’ sustainability and growth.We verify that innovative

strategies primarily influence pharmaceutical companies' long-term sustainability and growth. We use a qualitative method

based on multiple case studies of8 pharmaceutical manufacturers in Lebanon and the UAE in 2023-2025.This research

providesevidence that a direct relationship existsbetween innovation and long-term sustainability and growth, and reveals a

new dimension, the diversification of LCM and open innovation strategies, as a key driver of sustainability and growth,which

reduces risk to current and future performance.

This research emphasizes that the continuous use of innovative strategies enhances a firm's resource base by optimizing

product life cycles and minimizing risks. This research investigates the successful development and deployment of LCM

strategies by pharmaceutical companies of diverse sizes, particularly in the Middle East. It examines as well the role of open

innovation OI in fostering long-term growth and sustainability in the area, aiming to provide practical insights for firms to

overcome regulatory, commercial, and resource-based challenges for enduringcompetitiveness and risk mitigation.