Biotechnology is considered one of the key technologies of the 21st century (European Commission 2007a). The society as a whole faces the impact of the biotechnology sector (Patzelt 2005). Biotechnology influences patients’ life by providing innovative drugs, which address previously unmet medical needs and increase life expectancy (e.g. the monoclonal antibody Herceptin for the treatment of breast cancer). This has positive impact on a nation’s welfare because people are healthier and can work longer, but also costs impact on the health care system, due to the increased prices of innovative drugs (Neyt et al. 2006). Biotechnology could also provide solutions for the wider society to challenges such as an increase of the global population, higher demand for natural resources (food, animal feed, clean water, energy) and for health services (OECD 2009a).
KeywordsTechnology Transfer Innovation Process Innovation Management Initial Public Offering Radical Innovation
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