This paper examines the R&D and strategies of the world’s largest firms in the pharmaceuticals sector and finds a high degree of intra-regional sales. R&D and sales are more concentrated within North America and Europe than in Asia. In addition, the relative size of the U.S. market, compared...

A paradox of international business is that the multinational enterprises (MNEs) – which are the agents of international business – largely operate within their home‐base markets in each part of the “triad” of North America, the E.U. and Japan. Here, empirical evidence is presented...