What is a knowledge-based industry?

Knowledge industries are those industries that are based on their intensive use of technology and/or human capital. Knowledge industries are particularly dependent on knowledge and technology to generate revenue. Typically, firms involved in pharmaceuticals, health biotech, new materials, telecommunications, information technology, software, medical equipment and avionics are considered to be in the knowledge-based industries. They have long product development cycles and their comparative advantage usually comes from innovative and creative people who make up the development team.

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