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A new report examining innovation found that among the 100 most innovative companies, the largest share, 18, were in the pharmaceutical industry.
Big Pharma including Bristol-Myers Squibb (New York Stock Exchange: BMY), Eli Lilly (LLY), Johnson & Johnson (New York Stock Exchange: JNJ), Novartis (NVS), Pfizer (New York Stock Exchange: PFE), Roche (OTCQX: RHHBY), and Sanofi (SNY) made the list, compiled by LexisNexis.
Among the big biotechs, Amgen (AMGN), Gilead Sciences (NASDAQ:GILD), Moderna (MRNA) and Regeneron (REGN) made the cut.
Alnylam Pharmaceuticals (ALNY), which focuses on the development of RNA interference (RNAi) therapies, and Jazz Pharmaceuticals (JAZZ), known for its drugs for sleep disorders and epilepsy, were new additions in 2023.
The LexisNexis report, Driving Innovation 2023: The Global Top 100lists companies with the greatest drive for innovation, according to the Patent Assets Index, a “scientifically developed objective measure to assess innovative strength.”
“The aging of the world’s population and the long tail of the COVID-19 pandemic are creating demand for new therapeutics and pharmaceuticals,” the report states. “This provides opportunities for small players with innovative technologies, but also for large companies.”
Among the 18 pharmaceutical companies included in the report, 13 are based in the US and the rest in Europe.
Nine medical technology companies were also included. LexisNexis noted that these companies were able to increase the size of their patent portfolios, as well as maintain or improve the size of those portfolios.
While medtech companies have similarities in terms of patent portfolio growth and geographic locations, they differ greatly when it comes to their technologies.
The report notes that Medtronic (MDT) has the largest patent portfolio. Its “technologies enable everything from digital diabetes monitoring to minimally invasive surgery to tiny, leadless pacemakers that can be implanted directly into the heart.”
LexisNexis said that ResMed (RMD), known for its ventilators and CPAP devices used for sleep apnea, has seen its patent quality increase in recent years due to increased use of its devices during the COVID-19 pandemic.
Another medical technology that is on the list is Align Technology (ALGN), known for its clear dental aligners. “By focusing on one type of device, he has been able to consistently improve the average quality of his patents.”
LexisNexis also highlighted Becton, Dickinson (BDX), Edwards Lifesciences (EW), Intuitive Surgical (ISRG) and Stryker (SYK) as other innovative medical technologies with strong patent portfolios.