Investigating the current business model innovation trends in the biotechnology industry
Abstract
The current trend of business model research shows an increased endeavour of conceptualizing business frameworks for circular economy (CE). While previous sustainability paradigms have failed to attract market stakeholders, their reaction differ regarding this concept. The reason is discovering that the benefits of former industrial systems have turned to be threats for modern companies. Thus, a circular transition seems beneficial not only in environmental but also in financial dimensions. Closing material and energy flows results in reduced costs and enables businesses to propose novel values to customers. The present study aims to investigate the current stage of circular transformation on a corporate level. In order to do that, it thoroughly analyses the business model evolution of an innovative and knowledge-intensive industry, biotechnology. The research employs a circular evaluation method to detect which parts of the applied business structures show the signs of transition. The findings indicate that the business innovation process in the sector is in line with the disciplines of CE. However, this phenomenon is rather the result of striving for market competitiveness, than making efforts for sustainable development. It proves the emergence of CE to be as much an economic concern as it is an environmental one.
Keyword : business model innovation, circular economy, biotechnology, SME, circular value proposition
How to Cite
Horvath, B., Khazami, N., Ymeri, P., & Fogarassy, C. (2019). Investigating the current business model innovation trends in the biotechnology industry. Journal of Business Economics and Management, 20(1), 63-85. https://doi.org/10.3846/jbem.2019.6880
This work is licensed under a Creative Commons Attribution 4.0 International License.
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Gay, B. (2014). Open innovation, networking, and business model dynamics: the two sides. Journal of Innovation and Entrepreneurship, 3, 2. https://doi.org/10.1186/2192-5372-3-2
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Horvath, B. (2018). The recognition of resource use through industrial development from a social perspective. Studia Mundi – Economica, 5(1), 68-78.
Horvath, B., Mallinguh, E., & Fogarassy, Cs. (2018). Designing business solutions for plastic waste management to enhance circular transitions in Kenya. Sustainability, 10(5), 1664. https://doi.org/10.3390/su10051664
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Kang, H. D. (2018). A Start-up’s R&D stages and the evolution of financing sources: evidence from the biotechnology industry. Entrepreneurship Research Journal, 8(3), 1-19. https://doi.org/10.1515/erj-2017-0159
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Lipton, S., & Nordstedt, C. (2016). Partnering with big pharma – what academics need to know. Cell, 165(3), 512-515. https://doi.org/10.1016/j.cell.2016.04.021
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Mentink, B. (2014). Circular business model innovation: a process framework and a tool for business model innovation in a circular economy (Master Thesis). Delft University of Technology & Leiden University, Leiden, The Netherlands.
Micek, G., Gleadle, P., & Dawidko, P. (2014). The role of institutional context in the development of the SME Biotech sector in Poland. Studies of the Industrial Geography Commission of the Polish Geographical Society – Contemporary issues in Polish industrial Geography, 25, 132-150.
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Oghazi, P., & Mostaghel, R. (2018). Circular business model challenges and lessons learned – an industrial perspective. Sustainability, 10, 739. https://doi.org/10.3390/su10030739
Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for visionaries, game changers, and challengers. Hoboken, USA: John Wiley and Sons.
Palmer, M., & Chaguturu, R. (2017). Academia-pharma partnerships for novel drug discovery: essential or nice to have? Expert Opinion on Drug Discovery, 12(6), 537-540. https://doi.org/10.1080/17460441.2017.1318124
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Pisano, G. (2006). Can science be a business? Lessons from biotech. Harvard Business Review, 84(10), 114-125.
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