Evolving biotechnology - an adaptive conceptual model of the biotechnology firm
A revised conceptual model of the biotechnology firm is offered that identifies the gradual melding and the tension between the science and business pathways in relation to the firm’s life cycle.
Abstract
Today’s biotechnology company must exhibit expertise across two unrelated fields, science and business. The intricate melding of the necessary skills and navigation through the litigious and venture capital environments has forced expertise specialisation, networking, strategic management and a survival of the fittest mentality. Developing a product through to the market requires planning and a focused effort of all involved parties, and with no proven biotechnology specific models available, this is very difficult. This article offers a revised conceptual model of the biotechnology firm that identifies the gradual melding and the tension between the science and business pathways in relation to the firm’s life cycle. The model also highlights the need for communication between science, business, and the public, and discusses opportunities for income through strategic alliances across the value chain and through strategic human resource management.