The aim of the present article is to investigate the role of sustainable innovation strategies on competitive advantages of Lithuanian biotechnology companies. The entire Lithuanian biotechnology market is targeted via the conduction of semi-structured qualitative interviews, consecutively carried out in 2011 and 2012. The methodological solution to introduce the time perspective in the research elucidates the importance of the sustainability in innovation processes as there could be the progress and the continuity in the implementation of innovation strategies observed among sample companies. There is the increasing number of discussions about innovations and the performance of organizations. The success of an innovative activity depends on the complex of human and financial resources, organizational, managerial, technical and other factors. Though competitive advantages cover a vast spectrum of aspects, they all are inter-related and dependent on a great number of factors and measures. The innovation strategy could help to reach target results and to provide a synergy effect. Main reasons for the creation and deployment of innovations should also be the increasing competition, rapidly evolving technology and changing consumers’ expectations. Such factors as the human capital emerges as the key driver of high-tech industries because people involved in innovative activities are characterized by their competencies, motivation and willingness to act in different circumstances. It should not be forgotten the importance of the continuity of innovation processes and long-term strategic directions. The research question: are sustainable innovation strategies necessary for competitive advantages of Lithuanian biotechnology companies? Firstly, there is the concept and classification of innovations presented; it is continued by the revelation of main features of innovation management and success factors of the commercialization of innovations. These chapters are followed by the identification of companies’ competitive advantages and the analysis of sustainable strategic human resource management. Finally, there are main characteristics of the biotechnology sector underlined and the research (2011 and 2012) results on a sustainable development of competitive advantages via the innovation strategy presented.