Abstract
This exploratory study examines the role of large pharmaceutical companies, the government, universities and dedicated biotechnology firms in the commercialization of biotechnology in Japan. Based on secondary data, as well as primary qualitative data, we conclude that, in particular, the low level of basic research and deficiencies in the technology transfer from universities to the private sector have inhibited the commercialization of modern biotechnology in Japan. Several of the formal barriers have been removed recently and there are already weak signals of a bio-boom in Japan, as indicated by the increasing number of newly founded dedicated biotechnology firms. A change in the mindset of university professors towards entrepreneurship will be essential for the success of commercial biotechnology in the long run.
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