The Opportunities to Develop a Successful Entrepreneurship and Business Model in Biotechnology: An Overview
Biotechnology is an incredible technology promising a better future worldwide and proved to be genera of great outcomes. Since its inception it has been projected to bring fantastic advances along with huge economic rewards, in short it promises more for less. Involvement of molecular biology in biotechnology lead its way into the various aspects of science based industries. Pharmacogenomics, drug discovery and drug delivery are the emerging tools in health industry which can only be possible due to the onset of biotechnology. Worldwide, pharmaceutical companies pursued research in the medicines and diagnostics by implementing biotechnology. Biotechnology is a major tool for improving human life by improving agriculture, human health and environment. Developing countries tend to have growing needs but scarce resources, therefore, such claims naturally appeal to those in power. The practical applications of Biotechnology extend from widely separated fields, creative minds, these ideas need to be researched and developed. Extent of scope in the field offer opportunities for great industrial growth. A novel product as a result of intensive research often leads to a business model. Past has seen several industries established by scientists to make a difference through their product by understanding the need of people and market potential. Entrepreneurial potential in biotechnology is governed by factors like development of technology as an only solution for the problem or the better solution for the currently available technologies. Critical testing and regulatory agency approval must be received prior to commercial production and marketing. Although the field has immense opportunity but the level of uncertainty and failure is also high. So, an efficient and well organized strategy should be followed to develop and deliver a successful business model for biotechnology. The paper presents an illustration about the business potential in biotechnology from incubation of an idea and its transformation into a value aided product or technology through various demanding and formative steps like financing, human resource and marketing.
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).