Question 1: What role has venture capitalism played in the market place?
A very significant role has been played by venture capitalists (VCs), as with the focus on funding companies in the technology sector, has helped the Biotechnology sector to grow and prosper, in an independent manner, since, Biotech companies had to rely on partnerships with big Pharmaceuticals (Phillips, 2016).
The Full value chain that is desired by Biotech players, is helped by the VCs, capabilities in terms of funding, and also importantly, providing networking contacts and business management experience to run the facility effectively.
Question 2: What differences exist between the pharmaceutical industry and the biotech industry?
The key difference amid traditional pharmaceutical and biotechnology industry is the method of production, in producing drugs, as pharmaceutical companies produce drugs by a process that involves a series of chemical synthesis, and the biotechnological companies, produce drugs, through living organisms such as yeast, bacteria and mammalian cells (Lawlor, 2013).
Biotechnology is in essence applied knowledge of biology that focuses on changing or duplicating living cells, and pharmaceutical is the medical aspect to cure and manage disease.
Question 3
Let's begin by taking a look back at how the modern biotech industry has evolved from the early days of molecular biology research in the 40s & 50s, through the recombinant DNA era that began in the mid-70s, to the burgeoning industry we see today.
The 1940’s saw penicillin mass produced in microbes for the first time, and in the 1950’s, the industry created the first synthetic antibiotic, using frozen semen artificial insemination of livestock was done, and the DNA is test tube was made (Biotechnology Innovation Organization, 2016).
The 1970’s saw the synthesis and production of human growth hormone and recombinant human insulin for the first time (Biotechnology Innovation Organization, 2016). Modern day technology has evolved from producing biotech crop, genetically engineered animals and vaccine development.
The research, development for Genetically Modified Organism (GMO), as in relation to serving humanity, the development will support capabilities to produce sufficient food with quality and tackles the issue of the famine effect (Food Safety, 2016).
References
Biotechnology Innovation Organization (BIO) (2016). History of Biotechnology.
Retrieved https://www.morganmckinley.ie/article/difference-between-pharmaceutical-and-biotechnology
Food Safety (2016). World Health Organization (WHO).
Retrieved http://www.who.int/foodsafety/areas_work/food-technology/faq-genetically-modified-food/en/
Lawlor, M. (2013). Difference between Pharmaceutical and Biotechnology. Morgan McKinley.
Retrieved https://www.morganmckinley.ie/article/difference-between-pharmaceutical-and-biotechnology
Phillips, T. (2016). Role of Venture Investors. About Money.
Retrieved http://biotech.about.com/od/investinginbiotech/tp/VCRoles.htm
