Understanding the underlying waves of progress in scientific nd technological (S&T) knowledge that allow innovative companies to generate value is vital for innovation managers. Established models have shown that th pathways of S&T advances are not random: a) they follow cumulative processes of coopetitive learning; b) knowledge accumulation occurs throughtwo major modes,namely, exploration and optimisation; c) knowledge infrastructure channels the direction and the mode of learning. The Abernathy-Utterback model (A-U model) encapsulates these insights and their implications for management. This model has been validated by extensive empirical studies in a number of traditional industries. However, this model seems to be less relevant in explaining the recent S&T dynamics observed in science-based industries such as the biomedical industry. This calls for a critical assessment of the model and a research programme to complement the model. This studyaims to address this gap in the literature