The article analyzes the problems of the development of the Russian high-tech business, and pharmaceutical industry in particular. The article discusses and assesses factors affecting the growth of pharmaceutical companies. The sample for the study was compiled based on the SPARK database. In order to identify pharmaceutical companies’ growth factors the production function linking the output with the amount of resources expended was assessed. According to the obtained results, the main growth factors were the factor of labor and current capital, which have the same effect on revenue growth. Research activities that are of particular importance for the pharmaceutical market in the short term have a negative impact on companies’ performance and leads to a decrease in revenue. The results show effective leverage for the operational management of pharmaceutical companies. The proposed methodological approach could also be used for the analysis in other high-tech industries
Keywords: high-tech business, pharmaceuticals, growth factors, production function
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