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  • 2006
  • Book

Science Business: The Promise, the Reality, and the Future of Biotech

By: Gary P. Pisano
  • Format:Print
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Abstract

Why has the biotechnology industry failed to perform up to expectations—despite all its promise? In Science Business, Gary P. Pisano answers this question by providing an incisive critique of the industry. Pisano not only reveals the underlying causes of biotech's problems, he offers the most sophisticated analysis yet on how the industry works. And he provides clear prescriptions for companies, investors, and policymakers seeking ways to improve the industry's performance. According to Pisano, the biotech industry's problems stem from its special character as a science-based business. This character poses three unique business challenges: 1) how to finance highly risky investments under profound uncertainty and long time horizons for R&D, 2) how to learn rapidly enough to keep pace with advances in drug science knowledge, and 3) how to integrate capabilities across a broad spectrum of scientific and technological knowledge bases. The key to fixing the industry? Business models, organizational structures, and financing arrangements that place greater emphasis on integration and long-term learning over shorter-term monetization of intellectual property. Pisano maintains that all industry players—biotech firms, investors, universities, pharmaceutical companies, government regulators—can play a role in righting the industry. The payoff? Valuable improvements in health care, and a shinier future for human well-being.

Keywords

Science; Business Ventures; Biotechnology Industry

Citation

Pisano, Gary P. Science Business: The Promise, the Reality, and the Future of Biotech. Boston: Harvard Business School Press, 2006.
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About The Author

Gary P. Pisano

Technology and Operations Management
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  • Diversification as an Adaptive Learning Process: An Empirical Study of General-Purpose and Market-Specific Technological Know-How in New Market Entry By: Dominika Kinga Randle and Gary P. Pisano
  • Ed Catmull: Lessons from Leading Pixar Animation Studios By: Francesca Gino, Linda Hill, Gary Pisano and Ruth Page
  • Boston Beer Company: Sustaining a Culture for Innovation and Growth By: Gary P. Pisano
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