A new model to evaluate the market for biotechnology

Abstract

There is a clear need for a tool for market analysis of biotechnology markets. There are many well-respected and well-established models for market analysis but none that meets the specific needs of biotechnology marketing. A new model is proposed here that will transform market analysis for biotechnology. The model is a tool for visualisation of a new biotechnology market through comparison with an existing market that is well understood. It combines parameters identified as specific to the needs of a specialised biotechnology market into a single marketing tool and can be customised to include specific parameters or features relevant to an organisation, its markets or its marketing needs. It has been used to analyse the potential and risks of entry into a new market by comparing it with one that is well understood. Furthermore, by drawing on specialised competitor and market knowledge, it can be used as a strategic planning tool.