Abstract
The European biotechnology industry is, therefore, smaller, less productive and growing far more slowly than its US counterpart, and this malaise is not related to Europe not being part of the US, nor is the UK’s relatively poor showing because it is smaller than the US. The companies are also ‘younger’. VC-backed biotech companies typically start out to do research, discovering a product and only when that product is mature enough for a market do they fill out the organisational structure to include marketing, sales, manufacturing and the other functions expected of a fully fledged business. By the end of 2006, US public biotech companies had four times the employees of European ones, but only 1.3 times as many employed in R&D, that is, the European industry was far more focused on the early stages of the biotech business model [33].KeywordsVenture CapitalBiotechnology CompanyBiotech CompanyVenture Capital InvestmentVenture Capital FundThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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