Resource-based theory of competitive advantage – a framework for pharmacy practice innovation research

Abstract

A growing body of research demonstrates the effectiveness of evidence-based pharmacy practice, but too many practice innovations fail to survive past the initial implementation and study phase. This paper presents the resource-based theory of competitive advantage as a framework for describing, understanding, and predicting the adoption and dissemination pharmacy service innovations into routine practice. The theory argues that the sustainability of any business innovation (e.g., pharmacy service) is based upon (1) the internal resources of the firm offering it, (2) the firm’s capabilities in using those resources, (3) the competitive advantage to the firm of its resources and capabilities, (4) the attractiveness of the market in which it competes, and (5) the innovation’s contribution to financial performance of the firm. This paper argues that the resource-based theory of competitive advantage provides a foundation for comparing findings from different research frameworks and studies relating to innovations in services, service processes, and service business models. The paper also poses a number of research questions related to the theory that can be used to further the literature about pharmacy practice innovations. Finally, it makes a case that competition is a fundamental aspect of pharmacy practice and the resource-based theory of competitive advantage can serve as a general theory for studying innovations in pharmacy practice and in the social and administrative sciences.

Impact of AMO enhancing human resource management practices on sustainable competitive advantage in insurance companies in Qatar

“…Jabir et al (2019) identified the competitive advantage as the unique status of the organization that enables it to cope rivals, while Khan et al (2019) indicated that competitive advantage fundamentally derived from the organization's resources and capabilities. The resources have been referred to the assets an organization acquired that deem as a stash of obtainable factors and one of an organization's strengths and weaknesses (Bowman & Ambrosini, 2003;Holdford, 2018). The capabilities are considered as the organization ability to integrate its resources together for developing its products by managing brand which is based on the organization knowledge about its market needs (Holdford, 2018;Maja et al, 2018;Takahashi & Sander, 2017).…”

“…The resources have been referred to the assets an organization acquired that deem as a stash of obtainable factors and one of an organization's strengths and weaknesses (Bowman & Ambrosini, 2003;Holdford, 2018). The capabilities are considered as the organization ability to integrate its resources together for developing its products by managing brand which is based on the organization knowledge about its market needs (Holdford, 2018;Maja et al, 2018;Takahashi & Sander, 2017). The term sustainable competitive advantage has received immense importance since Porter (1980) drawn the broad lines of how organizations developed their strategies to interact with their markets through the generic competitive strategies classified into cost leadership, differentiation, or focus (Quaye & Mensah, 2019).…”

Using Service Blueprints to Visualize Pharmacy Innovations

“…A clearly written blueprint can be used in implementation science to allow comparisons at a glance of the exact nature of service innovations in comparison to the status quo. They are also helpful in describing the competitive advantage of one innovation over another, allowing pharmacists to develop service offerings that are sustainable over time [11].…”

Perspectives on the pharmacist’s “product”: a narrative review

“…3,4 It is vital to understanding and studying the competitive advantage of pharmacists and realizing the value provided for customers and stakeholders. 5 Currently, there is confusion in the literature about basic concepts associated with pharmacists interventions. 6 Constructs lack common definitions, taxonomies, and frameworks.…”

“… 3 , 4 It is vital to understanding and studying the competitive advantage of pharmacists and realizing the value provided for customers and stakeholders. 5 …”