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Biotechnology and Pharmaceuticals
Biotechnology and pharmaceuticals go hand in hand with mans progress. .
What are the Characteristics of Successful Biotechnology and Pharmaceuticals Companies
Biotechnology started developing in the late 1970s when the human DNA was first cloned into bacteria. Over time, more than 200 new vaccines and therapies were created, especially for ones of the most dangerous conditions such as cancer, heart disease, AIDS, diabetes, arthritis or Alzheimer’s. Also, more than 400 biotech drugs were used in various clinical trials for over 200 diseases. As biotechnological and pharmaceutical companies came up with successful therapies and new inventions in the medical field, the number of these companies kept on rising, reaching more few thousands all over the world. Biotechnology and pharmaceuticals have become a successful type of business for innovative entrepreneurs, fact that is proved by the constant increasing number of such companies especially when considering that almost 30 years ago there were only 5 such companies. Worth to mention is also the profit that only the American biotechnology companies raised as 2008, which is not less than $13 billion. Biotechnology and pharmaceutical companies are closely related as new drugs must be first created with the right approach and research which is done by the first and then these drugs are produced for the mass by the pharmaceutical companies. But what was the key to this overwhelming success? Some would say that building biotechnology and pharmaceutical companies must be done according to at least five factors. These are the availability of capital, being close to well known and good quality academic and research institutions, having employees that are not only interested in their jobs but who are talented and willing to change the world as well as having the specific specialized laboratory space that is needed. Not least is the availability of seasoned entrepreneurs. Successful businesses in this domain require a very good entrepreneur. Someone who is passionate and has vision, someone who can speak at least two languages and is eager to learn new things every day because biotechnology and pharmaceuticals are all about learning and discovering. The successful entrepreneur is persistent, an effective negotiator, someone who can solve problems quickly and effectively and is a person who has a good business sense. Also, the employees must be talented, passionate and especially determined. The team must be capable of producing new ideas and technologies which can then be patented and developed into new products.
In biotechnology and pharmaceuticals, success does not come easy. The entire process of patenting involves six mandatory steps, implying a research, development, clinical and regulatory phases as well as a marketing phase. One of the most important and determining phase is the marketing strategy. In order to be successful, entrepreneurs must be aware of what exactly the market needs and satisfy these needs. Converging science with the market needs is mandatory to succeed. The success of the biotechnology and pharmaceutical companies may be disrupted by poor planning or poor execution of the plan, insufficient funds, failed clinical trials or technology and limited market for the product.
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