Abstract
In today’s competitive landscape innovation in biotechology is a necessity as there is a continuous increase in chronic diseases globally such as cancer, cardiovascular diseases, diabetes and hepatitis B that is driving this demand. Biotechnology is one of the fastest growing industries with a growing demand for precision medicine and biosimilars, with bioinformatics expected to experience exponential growth in the coming years as a result of substantial innovation in the field. Innovation gives biotechnology companies the opportunity to grow faster and more competitive and ultimately influence the direction of the industry by developing drugs, medicines and therapeutics as well as environmentally friendly chemicals, fuels and materials that address the growing needs of society. Despite the continuous need for innovation in biotechnology, companies are influenced by a number of issues, in the development and commercialization of their innovations. In this paper the focus is on regulation and market influences on innovation in biotechnology. First, the influence of regulation and governments on innovation in biotechnology is discussed. Second, examines the role of marketing on innovation in biotechnology. Third, the impact of market and patient analysis on innovation in biotechnology is examined and a framework is proposed. Following that final conclusions are drawn.
References
Blind, K. (2012) The influence of regulations on innovation: A quantitative assessment for OECD countries. Research Policy, 41(2): 391-400.
Day, G. (1994) The capabilities of market driven organizations. Journal of Marketing 58: 37-52.
De Luca, L.M., Verona, G. and Vicari, S. (2010) Market orientation and R&D effectiveness in high-technology firms: An empirical investigation in the biotechnology industry. Journal of Product Innovation Management, 27: 299–320.
Kohli, A.K., and Jaworski, B.J. (1990) Market orientation: The construct, research propositions, and managerial implications. Journal of Marketing 54: 1-18.
Miller, H.I. (2017) Personalized medicine needs enlightened regulation to realize its potential. Journal of Commercial Biotechnology, 23(4): 3-5.
Stremersch, S. and Van Dyck, W. (2009) Marketing of the life sciences: A new framework and research agenda for a nascent field. Journal of Marketing, 73: 4–30.
Von Hippel, E. (1986) Lead Users: A source of novel product concepts. Management Science, 32(7): 791-805.
Unless specified by prior arrangement, the author agrees to the following terms and assurances:
- For myself and on behalf of the other authors listed on this work, I assign to thinkBiotech LLC the copyright* in the contribution for the full term throughout the world.
- I/we further give to the following assurances
- I am the sole author of the contribution, or, if not, I have the written authority of the other authors to transfer the copyright* to thinkBiotech LLC and give these warranties;
- I and (where appropriate) the other authors are entitled to transfer the copyright to thinkBiotech LLC and no one else would be entitled to prevent us from publishing the contribution;
- To the best of my/our knowledge, all the facts in the contribution are true and accurate;
- The content of the contribution is entirely original to me (and where appropriate to the other authors) or, if not, the written permission of the owner of the copyright in any material copied from elsewhere has been obtained for all media (all such permissions to be attached to the contribution as supplementary files);
- Nothing in the contribution is obscene or libellous;
- Nothing in the contribution infringes any duty of confidentiality which I/or the other authors may owe to anyone else.
- I and/or the other authors have obtained the appropriate clearances from my/our employer(s) or other concerned institution(s).