Biotechnology Case Study

Biotechnology is one of the leading industries in the world. It has vastly improved medicine and created ways to improve the environment. It has laid out a foundation in terms of ethical practices. We will be discussing its sub factors and its most important factor which tells us where the biotechnology industry is progressing more. The potential sources of funding for the creation of biotechnology industries. We will also be considering how biotechnology firms collaborate with external partners for innovation as well as how they choose their partners in terms of innovation. It tells us where we are supposed to look when it comes to alliances. These four questions can explain how the Biotechnology Industry works, how the Biotechnological Industry

It is often referred to as the third wave in biotechnology. The products also have a faster and easier way into the market as the products don’t have the lengthy review times products usually must undergo.

Medical Biotechnology

The third sub factor is the healthcare or medical Biotechnology. It is also called red Biotechnology in terms of science. This factor is by far the most important factor in the biotechnology industry. It is also the most influential, beneficial and debated industry. Not only has it produced many innovative and outstanding discoveries that has improved the lifespan as well as the health of human beings, it has also generated highest amount of wealth for everyone involved in Medical Biotechnology (Ranade, 2008). Some fields involved in this factor are Gene therapy, Genetic testing

A competency is formed by the combination of many abilities that the company excels in. Abilities like managing the market interface (example., advertising, distribution), building and managing an effective infrastructure (example., information systems, logistics management) and technological abilities (examples., applied science, process design). These abilities when combined to form competencies become difficult to imitate (Schilling, 2013). Biotechnology firms would be expected to create alliances with companies that have knowledge equal to or greater than their own companies as well as weather the company biotech firms are collaborating with will be able to legitimize their company. These firms can form alliances for better innovation, combine their abilities or core competencies and develop faster and more efficiently. Similarities between firms foster mutual trust and co-identification which leads to the formation of alliances. Biotech firms also consider the level of technology the external firm possesses. If the technology is state of the art and if it is equal to or better than their own equipment. Some other ways through which biotech companies choose their partners is by conducting a PESTLE analysis or by a Porter’s five forces or even a SWOT analysis. PESTLE analysis, which is sometimes referred as PEST analysis, is a concept in marketing. It is