The Opportunities to Develop a Successful Entrepreneurship and Business Model in Biotechnology: An Overview

Prachi Tyagi
Sardar Vallabhbhai Patel University Of Agriculture and Technology
Rakesh Singh Sengar
Alok Kumar

DOI:https://doi.org/10.5912/jcb863

Abstract:

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.