Regulation and Market Influences on Innovation in Biotechnology
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.
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