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As pharmaceutical firms in low- and middle-income countries (LMICs) face difficulties related to research and development (R&D) costs, regulation, competition from imported drugs, and patent expiry, innovation is becoming their main means of survival and evolution. Yet research that examines innovation in a context similar to ours is rare. We have conducted the present research to remedy this shortcoming and to provide managers with tools that enable them to generate innovation in their companies. The main interest of this paper is to present the different dimensions of pharmaceutical innovation and to identify the main factors that promote it. Through a logistic regression model, we show that R&D activities, internal work organization, and export are the main drivers of product and process innovation. Moreover, the age and size of the firm do not significantly influence these two types of innovation.