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Ethical drugs can take hundreds of millions of dollars and over 10 years to bring to market. Start-up biotechnology companies are recognized for their unique exploration and then exploitation in the development of future drugs. However, these potential new drugs are highly unpredictable and require a broad scope of inquiry. Significant and complex knowledge along with openness to learning is required because of the unusually high risk and uncertainty of biotechnology. After initial start-up, biotechnology companies often form a strategic partnership with an established pharmaceutical company to get additional funding and incorporate needed later stage development knowledge.
To conclude an alliance, a company needs to develop learning processes that transition the organization to the next stage of growth. These processes advance the technology sufficiently to conclude a strategic deal. Effective learning enhances exploitation of knowledge needed to generate unique insights and understandings related to the development of a new drug.
This paper examines seven biotechnology companies and identifies key processes that should optimize “effective learning” to enhance the probability of creating the necessary new knowledge needed for a start-up to achieve an alliance stage of growth. Despite a majority of the companies successfully reaching the scaling-up stage of growth, some ultimately fail due to a lack of one or more the explored factors.NEXT ARTICLE
Biotechnology - Biotech
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Bioscience - any of the sciences that deal with living organisms. The study of the nature, behavior, and uses of living organisms as applied to biology. Any of the branches of natural science dealing with living things, such as their structure, b...
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