For decades, biotech has focused on the manipulation of living organisms. Never before, though, has a science-based sector faced such unique challenges as in the twenty-first century. The industry was established in 1970’s during an era of bipartisan cooperation and growth in wealth across the country. Today, despite unprecedented technological advancements in biology, chemistry, and digital health, plus an enormous amount of available capital, the industry is facing serious challenges that threaten its continued existence. Among these challenges are the declining public perception of the pharmaceutical industry, the unprecedented pressure from consolidation, and legislative challenges.
The public perception of the pharmaceutical industry has tanked in the past decade and is now ranked worse than the tobacco industry among some groups. Statements in the media about the industry have had a direct correlation on the NBI biotechnology stock index.
Further, time is the major obstacle for the invention of a new product or a novel product from basic concepts. The time taken for an idea to be proved, prototyped and developed into beneficial invention also determines the success of the product as there are multiple competitors existing in the market. The market is the influence of the success of the product. The product should satisfy the needs of the customer and meet current needs of technology. Technology is the base for building a product. Technology skills sets determine the quality of the product. Skills required to study and develop a new product is important Skilled people are in high demand for their knowledge and hands-on expertise. Funding plays a crucial role in bringing the invention from labs to the market users Its role is an essential part of each footstep of a developing product, throughout their life cycle. This indirectly determines the timeline of the product.
Biotechnology is still in its infancy to find the answers of nature, understand the power beyond science, such as hydrogen and oxygen giving us water. Biotechnology has its own advantage and disadvantage Biotechnologists must be able to handle the society and address the controversial aspects of bringing a technology or a product in use. In conclusion, Biotechnology is a great area but requires time, funding and above all skills.
We present to you, “10 Leading Biotech Solution Providers - 2021.”