Abstract
The biotechnology industry is a relatively new a distinct field that involve using living organism to produce desired product. This industry includes firms that develop, manufacture, and market pharmaceutical products, agricultural products, environmental control product, e.t.c. based on advanced biotechnology research. Although the growth in the global biotechnology industry neared double digits the past two years, the threat of entry into the market is weak due to high barriers to entry. However, because of the ease and low-cost production using biotechnology, it has increased competition in some product. Leading European nations with strong biotech sectors such as the UK and Germany are investing heavily in regenerative medicine (RM), seeking competitive advantage in this emerging sector. However, in the broader biopharmaceutical sector the European Union (EU) is outperformed by the US on all metrics, reflecting longstanding problems: limited venture capital finance, a fragmented patent system, and relatively weak relations between academia and industry. The current global downturn has exacerbated these difficulties. The crisis comes at a time when the European Union is reframing its approach to the governance of innovation and renewing its commitment to the goal of making Europe the leading player in the global knowledge economy.
Highlights
Biotechnology uses biological process in the development or manufacture of product or in the technological solution to a problem
Biotechnology has increased competitive forces with big pharmaceutical companies entering into collaborations and mergers and acquisitions with biotechnology companies; the sector is witnessing intense competition
Just as the provision of research grants is a major issue, entrepreneurship and financing for biotechnology companies should be high on government policy and educational agenda
Summary
Biotechnology uses biological process in the development or manufacture of product or in the technological solution to a problem. In 21st century, biotechnology has defined as “the use of cellular and bimolecular processes to solve problems or make useful products” (Biotechnology Industry Organisation, 2008). Industrial biotechnology uses microorganisms and enzymes to produce goods for industry, including chemicals, plastics, food, agricultural and pharmaceutical products and energy carriers. Global competition is the services or products provided by competing organizations that serve international customers. Competitiveness is the degree to which a nation can produce goods and service that meet the test for international market under free and fair condition (John A. and Young 1985). Global competition has allowed companies to buy and sell their product and services internationally, which opens the door to increased profits and flattens the playing field in business
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