Apple (NSDQ:AAPL) and Google (NSDQ:GOOG) took the top 2 spots on the list. Other notable entries were Gilead at number 8, Bayer‘s (ETR:BAYN) at 11, Biogen (NSDQ:BIIB) at 17, Siemens (NYSE:SI) at 30, Hitachi (NYSE:HIT) at 38 and Pfizer (NYSE:PFE) at 44.
The rankings are based on a survey of 1,500 senior executives representing industries in every region. Also included are 3 financial measures – 3-year growth in total shareholder return, revenue and margins, BCG said.
BCG said for its rating, it considered innovation based on 4 attributes – speed, well-run R&D processes, use of technological platforms and the systematic exploration of adjacent markets.
The group said overly long development times were the “most-cited obstacle to generating returns on innovation and product development.” BCG reported that 42% of global innovation execs said development times are too long, an increase from last year.
BCG said advances in technology platforms ranked as the most important factor driving innovation, with big data analytics not far behind.