Abstract
Abstract This chapter offers an overview of the major scientific advances that led to the founding of the biotech industry in the 1970s. While the first entrepreneurial life-sciences companies were established primarily to take advantage of rDNA and monoclonal antibody technology, the chapter also highlights a number of other promising technologies, including antisense and gene therapy. It also shows how large pharmaceutical companies have adopted the same technologies. At the same time, biotech companies have branched out into the medicinal chemistry that has been the mainstay of the pharmaceutical industry. It explains that what distinguishes a biotech company from a large pharmaceutical company is not a focus on using any specific technology but the fact that the biotech company is smaller, newer, less experienced, and almost always unprofitable.
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