Chapter 5 - Five Essential Elements for Growing Biotechnology Clusters

Abstract

The biotechnology industry is relatively young when compared to most other industries. Yet within a short span of time, it has grown from a handful of companies to over 10,000 world-wide with over 500,000 employees working in this industry. Many local governments and municipalities have implemented incentive programs to encourage biotechnology cluster development within their region—but all have not been successful. Biotechnology industry expansion is disproportionate to geography, having little correlation to the number of incentives these regions offer. Biotechnology growth and expansion is concentrated in “hubs” or “clusters” each possessing a similar mix of certain elements. There are Five Essential Elements universal to all biotechnology clusters, and these are vital to the successful establishment of new biotechnology hubs in any region. In this chapter I describe these elements and discuss some enhancers of growth and expansion for biotechnology clusters. Through concerted efforts from both public and private entities, and careful monitoring to ensure these Five Essential Elements are present, a thriving biotechnology cluster can emerge in any geography. Biotechnology clusters remain a tremendous source of benefit to any locale, their greater region and, through its products, to the world.