Science Business: The Promise, the Reality, and the Future of Biotech, Page 675

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Harvard Business Press, 2006 - Business & Economics - 237 pages
Why has the biotechnology industry failed to perform up to expectations--despite all its promise? In Science Business, Gary P. Pisano answers this question by providing an incisive critique of the industry. Pisano not only reveals the underlying causes of biotech's problems; he offers the most sophisticated analysis yet on how the industry works. And he provides clear prescriptions for companies, investors, and policy makers seeking ways to improve the industry's performance. According to Pisano, the biotech industry's problems stem from its special character as a science-based business. This character poses three unique business challenges: how to finance highly risky investments under profound uncertainty and long time horizons for R&D, how to learn rapidly enough to keep pace with advances in drug science knowledge, and how to integrate capabilities across a broad spectrum of scientific and technological knowledge bases.The key to fixing the industry? Business models, organisational structures, and financing arrangements that place greater emphasis on integration and long-term learning over shorter--term 'monetisation' of intellectual property. Pisano maintains that all industry players--biotech firms, investors, universities, pharmaceutical companies, government regulators--can play a role in righting the industry. The payoff? Valuable improvements in health care, and a shinier future for human well-being.

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Harvard Prof Pisano wants to answer an evocative question. “Can Science be a business?” Answer in a word is “No”. In a sentence, “Well, it is possible when …… ”. In a paragraph, “Of course yes, when the anatomy of the industry, support eco systems are in place etc”. There is a caveat though. The second and the third answers are figments of my imagination. Since I want to embark on this terrain, I would not want to hear a blunt NO as an answer.
The book can be read like a novel for it is very engaging. Per Gary, there are three key attributes which make the scientific landscape indeed unique.
1: Profound and persistent uncertainty 2: Complexity and heterogeneity. 3: Rapid cumulative change

worth the time spent reading it

User Review  - intellectual11 -

Its worth the time and effort to read this biotech novel. Go for it if you are into Biotech. Read full review


Mapping the Scientific Landscape
The Complex Anatomy of Drug RD
Drug RD and the Organizational Challenges
The Anatomy of a ScienceBased Business
The Performance of the Biotech Industry
The Monetization of Intellectual Property
Appendix B
About the Author

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About the author (2006)

Gary P. Pisano is the Harry E. Figgle Jr. Professor of Business Administration and Head of the Technology and Operations Management unit at Harvard Business School.

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