Abstract
Abstract Background: Biotechnology is rapidly developing on a global scale. However, some evidence indicates that Eastern European (EE) countries are not fulfilling their potential in this field. Objectives: This paper aims to examine whether selected EE countries are able to develop a strong biotechnology industry. Potential investment approaches and the existing but not used or neglected infrastructures in EE countries were also examined. Methods/approach: In order to determine biotechnological activities in EE countries, indicators such as intellectual property protection, venture capital availability, published scientific publications as well as other indicators were analyzed. These indicators were compiled and compared between EE countries and regions with a rich and diverse biotechnological business sector. Results: The results suggest an underdeveloped biotechnology business sector in EE countries, with talented but unexploited scientists and unutilized infrastructure. The systematic drawbacks of EE countries lead to a hostile investment environment. Conclusions: The findings make a significant contribution to understanding how the biotechnology industry in EE countries is structured and how investments can be rationally placed. EE countries need to adapt their venture capital market for biotechnology ventures. Several changes in regulations could have a large impact on biotechnology investments.
Highlights
The economy can be described as a sequence of transformations in technology and policy trough time (Essendorfer et al, 2015)
The aim of this study is to compare a set of regions, with a well-developed biotechnology business sector, with a group of selected Eastern European countries
In our paper we focus on following selected Eastern European (EE) countries: Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia
Summary
The economy can be described as a sequence of transformations in technology and policy trough time (Essendorfer et al, 2015). The aim of this study is to compare a set of regions, with a well-developed biotechnology business sector, with a group of selected Eastern European countries. Among the dedicated biotechnological companies we will focus on companies whose main area of activity is health care or medicine We have selected these particular industries, since they are the most challenging part of the biotechnological sector, and are highly capital intensive (Junkunc, 2007). We have selected following three regions with a well-developed biotechnology business sector: the Boston area, Switzerland and Singapore. We have selected these regions in order to cover diverse regions on different continents with a wide range of cultural and historical background. The seventh and last section summarizes the ideas of this paper with its concluding thoughts
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