Key Elements of the Biotech Market

Abstract

Addressing the uncontrollable factors influencing the European biotech market is critical to the commercial success of emerging biotech companies, as the accelerating pace of biotechnological research allows for the development and implementation of new products and services. Modern biotechnology demands rigorous oversight of macroenvironmental factors, as each of these uncontrollable macroenvironmental factors affect new ventures in biotech; change occurs when companies manage to favorably respond to the challenges imposed by each factor, constructing a different representation for the public, and thus shaping the development of biotechnology itself. With biotechnology used in a wide variety of sectors, it is imperative to analyze market factors in several fields, with focus on one hand on specific European factors and on the other hand on global factors that either pose threats or opportunities for new ventures. As in all cases, factors of the macroenvironment are beyond the influence capacities of individual companies and will always present themselves as either opportunities or threats. Given the specificity of biotechnology, there will always be needs that are not catered to.