This article explores recent debates on innovation in the drug sector, focusing on the ways in which the articulation of use value and exchange value operates in the hegemonic—Northern—form of pharmaceutical capitalism. Taking the category ‘crisis of innovation’ as an entry point and engaging with the economics literature in which it has been discussed for nearly twenty years, this paper uses the vast historiography of post-WWII pharmacy to propose a critical historical understanding of the crisis. It argues that the features to which the crisis discourses point originate in the long-term contradictions between use value and exchange that affect the dominant regime of pharmaceutical innovation, i.e., the screening regime of research and development. These tensions have accumulated over the past two decades and become more visible, leading to a new reading of the present turn toward bio-capital, i.e., toward biotechnology and a more speculative (financial) economy of pharmacy. The last section of the paper discusses the theoretical implications of this hypothesis.

本文探讨了最近关于制药行业创新的辩论，重点关注使用价值和交换价值的衔接在制药资本主义的霸权——北方——形式中运作的方式。本文以“创新危机”这一范畴为切入点，结合近二十年讨论它的经济学文献，利用二战后药学的庞大史学，提出对危机的批判性历史理解。认为危机话语所指向的特征源于使用价值与交换之间的长期矛盾，影响了药物创新的主导制度，即筛选制度。的研究和开发。这些紧张局势在过去的 20 年中积累起来并变得更加明显，导致对当前转向生物资本的新解读，即转向生物技术和更具投机性（金融）的药学经济。论文的最后一部分讨论了这一假设的理论含义。