Biotechnology
Business
Biotechnology
is a field of science and invention in which biological
techniques are used to engineer organisms, cells and
body parts into products for sale to industries such
as medicine, agriculture, and energy. While biotechnology
has existed for thousands of years, starting with selective
breeding of live stock, the industry of biotechnology
as it stands today started in 1953 when James Watson
and Frances Crick discovered the double-helix design
of DNA.
As
with all scientific and technological endeavors, laboratory
advancements such as the discovery and development of
recombinant DNA techniques lead to moral, ethical and
ecological concerns. These concerns are addressed through
government regulation of the biotechnology industry.
Whether viewed as necessities for conscientious advancement
or hindrance from an overbearing governmental bureaucracy,
any person or entity in the business of biotechnology
in the United States needs either a strong understanding
of the government regulation of biotechnology research
and products, or the counsel of a trusted advisor with
this knowledge.
In
addition to government regulation, the business of biotechnology
poses issues and barriers to financial growth not found
in any other industry. With hundreds of millions of
dollars required for investment into the development
and commercialization of a single product, a biotechnology
business must be attractive to investors and strategic
partners, acquire and protect intellectual property,
license new technologies created in federally funded
university research and exert business control over
its employees. Bringing all these factors to requires
strong technical knowledge, a well managed infrastructure,
and sound legal advice.
|
