Ambitions for Biotechnology and Life Sciences Companies Located in Denmark - Research Proposal Example

? Research Proposal: Investigating the Internationalisation Ambitions of Biotechnology Life Sciences Companies in Denmark By Candi s FACULTY OF INTERNATIONAL BUSINESS Abstract This dissertation proposal describes a research project that will attempt to examine the internationalisation ambitions and factors that impinge on these ambitions for biotechnology / life sciences companies located in Denmark. Biotechnology companies are knowledge – based companies that provide useful products, including drugs, products for industrial and agricultural applications, enzymes, vaccines, molecular and medical diagnostic solutions, therapeutics, solutions for tissue engineering, solutions for Genomics, Proteomics and Enabling Technologies, etc. Denmark presents a leading – edge and well-established biotechnology / life sciences sector that is a European leader. However, the knowledge-intensive nature of biotechnology / life sciences industry, complexity involved with processes for production, a requirement for substantial funding, risks and a need for timely and optimal capture of international markets with regulatory approval for various biotechnology / life sciences products emphasises internationalisation. Thus, it makes sense to investigate internationalisation ambitions and factors that impinge on internationalisation ambitions of Danish biotechnology / life sciences companies. The research project described in this research proposal will appeal to those with an interest in management of biotechnology and pharmaceutical industries that are likely to continue to assume a greater significance for humanity in the future. Contents Introduction 1 Literature Review 4 Methodology 9 Research Timetable 12 Conclusion 14 Bibliography / References 16 List of Figures Figure 1: Chart illustrating an approximate timelines for the Proposed Research Project 13 (This page intentionally left blank) Introduction Biotechnology companies use modern biological techniques to develop products or services for human or animal health care, agricultural productivity, food processing, renewable resources, industrial manufacturing, or environmental management etc. (Ernst & Young, 2008, Pp. 1 – 2). Thus, biotechnology companies are knowledge – based companies that provide useful products, including drugs, products for industrial and agricultural applications, enzymes, vaccines, molecular and medical diagnostic solutions, therapeutics, solutions for tissue engineering, solutions for Genomics, Proteomics and Enabling Technologies, etc. Biotechnology is one of the most booming industries in the twenty-first century and competition to develop commercial products is intense (Audretsch, 2008, Pp. 1 – 2). The global pharmaceuticals, biotechnology & life sciences industry grew by 5.3% in 2009 to reach a value of US$1,071.7 billion (Datamonitor, 2010b, Pp. 1 – 2). Because biotechnology presents a profound promise, it is very likely that the market for biotechnology products will continue to expand in the future and this means that those that are able to deliver will benefit. Denmark, with its dense cluster of R&D based universities, hospitals and companies within biotechnology, medical technology and pharmaceuticals is one of the strongest nations for life sciences in Europe (Datamonitor, 2008b, Pp. 71 – 73). This country is a top ranker in terms of biotech patents and ranks number two in Europe on the Best Performance Index of Biotechnology Innovation Scoreboard of the European Commission, with the third largest commercial drug development pipeline in Europe in absolute numbers. Medicon Valley, a joint Danish-Swedish collaboration is home to nearly 60% of Scandinavia’s pharmaceutical industry, and this cluster presents Europe’s highest number of products in development. Denmark, which maintains a world leadership in industrial enzymes, is home to more than 180 biotech companies and 300 biotech service providers. However, several Danish biotech companies, including Genmab, Bavarian Nordic, Santaris Pharma, Symphogen, NeuroSearch, LifeCycle Pharma, etc. maintain international alliances and the knowledge – based nature of biotechnology innovation benefits from collaboration (Ernst & Young, 2008, Pp. 4 – 10) and (Hewerdine, 2008, Pp. 11 – 15). Biotech firms may benefit from international collaboration in their quest for competition and investors from outside of Denmark want to invest in promising firms researching useful products. Knowledge networks are essential for development of products based on leading-edge research in biotechnology because talent is not exclusive to any single country. United States, Sweden and the United Kingdom are the leading foreign investors in Denmark, focusing on financial intermediation and business services, telecommunications, information technology, biotechnology, oil exploration, trade and financial services (Datamonitor, 2010a, Pp. 50 – 53). Thus, a motivation exists for biotechnology firms in Denmark to try to benefit from internationalisation, and it makes sense to examine the key drivers, motivators and benefits that Danish biotechnology firms seek for their internationalisation ambitions. The business of biotechnology is like no other business because in addition to all the same risks that businesses face, there are significant additional risks not shared with any other business endeavour, together with a requirement for enormous amounts of money to get a product developed (Shimasaki, 2009, Pp. 1 – 10). This research proposal describes a research project that aims to investigate the internationalisation ambitions of selected Danish biotechnology firms, including the nature of desired internationalisation, considerations involved with deciding about internationalisation, collaborative arrangements, desired benefits and motivators / strategy for internationalisation. The proposed research project should present new insights into commercialization of biotechnology, strategy for biotechnology and the business of biotechnology in Denmark to interest all those with an interest in entrepreneurship, innovation, international business, biotechnology and public policy for biotechnology. Literature Review Scholarly interest in the internationalisation of firms, including small and medium enterprises (SMEs) is nothing new and the accelerated globalisation of world markets in the last forty years has enhanced the value of internationalisation theories for both academics and practitioners (Rjalp, 2006, Pp. 137 - 147) and (Hewerdine, 2008, Pp. 20 – 25). According to Rjalp (2006, Pp. 137 – 147), the sources fuelling biotechnology industry, including finance, knowledge, legal advice, etc. are international and markets are international. In addition, competition in biotechnology emphasises its international nature because products of biotechnology are useful for everyone, and a lot of expensive research effort is underway in many countries of the world to find new solutions to problems that confront humanity. Thus, the international research community closely scrutinises scientific and industrial developments in biotechnology in an attempt to benefit from new ideas. Rjalp (2006, Pp. 142 – 153) suggests that biotechnology is a global sector, with globalisation existing in all industries that use biotechnology. Human, technological and financial resources for biotechnology are limited in any domestic market, including that of Denmark, presenting an impetus for internationalisation. Because development of new drugs and other products of biotechnology require huge funds for prolonged periods, domestic markets alone cannot present a sufficient number of customers to enable providing biotechnology products at competitive prices. In addition, resources needed for the successful completion of a biotechnology product are complex and not all resources are available domestically. Risks involved in biotechnology research are high and an integrated system of transnational alliances serves to mitigate these risks. However, international alliances or collaborations are not without their problems because lack of personal contact, cultural differences and a lack of trust impinge on development for biotechnology (Gassmann, 2008, Pp. 117 – 121). According to Gassmann (2008, Pp. 117 – 121), examples of dilemmas that confront international R&D include local vs. global, process vs. hierarchy, control vs. collaboration, open vs. closed innovation, creativity vs. discipline, short-term vs. long-term collaboration, protection of interests under high levels of uncertainty etc. Thus, management of time to market, outsourcing, strategic alliances, management of intellectual property rights etc. pose dilemmas that influence management thinking and strategic actions. Mehta (2008, Pp. 1 – 20) suggests that the classic Michael Porter’s five forces model of industry analysis may very well influence internationalisation decisions, alliances and collaboration in biotechnology as buyer power, substitutes for patented generics, risk-sharing, profit-sharing, value chains, merger & acquisition activity involving market and established development pipelines etc. influence strategy for internationalisation, selection of partners, market strategy and production. Thus, internalisation ambitions and internationalisation strategy for biotechnology present complex decisions because substantial risks, prolonged development times and a need to capture the widest possible markets to benefit from highest possible returns on investment under uncertainty about superior offerings from competitors presents a need for wise and well-considered choices. Hewerdine (2008, Chapter 7) suggests that biotechnology firms with internationalisation ambitions may indulge in exporting, licensing and marketing, R&D contract services, marketing of sponsored research, R&D collaboration, alliances, joint ventures, strategic collaboration, minority investment, acquisition, and founding of subsidiaries as means for internationalisation. What a specific biotechnology company does is in line with its strengths, strategic ambitions and available opportunities but broad principles guide strategic decisions related to internationalisation, and it is these that this research aims to examine. Business leaders at the helm of biotechnology firms should have a desire for achieving optimal internationalisation for their firm to avail optimal returns. According to Shimasaki (2009, Chapter 12), it is rare for a biotechnology company to advance its product to commercialisation without the help of a corporate partner or a strategic alliance. Alliances and partnerships need complementarity in strengths and needs. Biotech companies must get their drugs approved for sale in a market by drug regulatory authorities, such as the Food and Drug Administration in the United States. Thus, it makes sense to have a partner or an alliance covering a market so that competitors cannot take a lead. Shimasaki (2009, Chapter 12) suggests that biotechnology companies benefit from international alliances and partnerships by purchase of equity in the company, payments for technology access fees, payments on reaching development milestones, royalties on sales, minimum annual royalties for a market, etc. In addition, Denmark presents shortage of skilled labour due to a high dropout rate in vocational training with a low innovation rate or the SMEs (Datamonitor, 2010a, Pp. 2 - 4). These factors impinge on biotechnology / life sciences sector. Thus, the last decade has presented a marked increase in international collaborations in biotechnology even within Europe, and it makes sense to try to understand better what drives international collaboration for Danish biotechnology firms (Mattsson, 2010, Pp. 373 – 374). Levitte (2010, Pp. 684 – 686) states that exploration of new opportunities and optimal exploitation of existing capabilities are crucial for a biotechnology firm’s ability to capitalise on innovation. Thus, when a biotechnology firm is earning from existing products, it must research new products to ensure a long-term future for itself. Because production processes are more specialised and biotechnology firms are often hundreds of islands of specialised knowledge, these firms must collaborate (Sabatier, 2010, Pp. 218 – 226). Biotechnology industry in the United States of America and Canada is far advanced and this means that international research activity of European industry is significantly more oriented towards the US science. However, other emerging nations may present interesting discoveries (Tijssen, 2009, Pp. 859 – 865). Both local and international sources of knowledge are important for dynamism within biotechnology clusters that evolve locally to support product development (Gertler, 2009, Pp. 235 – 240). In addition, national policy benchmarks related to education, research, exploitation, industrial development, regulation, fiscal measures and demand influence desire for biotechnology firms to maintain attachment to a location (Reiss, 2007, Pp. 331 – 335). Local, regional and global networks tend to coexist in biotechnology clusters (Van Geenhuizen, 2008, Pp. 161 – 165). Interaction among organisations serves as the impetus for development for industrial knowledge and the evolution of the industrial enzyme industry in the Copenhagen region of Denmark illustrates this (Norus, 2005, Pp. 681 – 694). This means that exploration of new opportunities for internationalisation is an on-going quest for biotechnology firms that is worth investigating. Methodology Qualitative research and quantitative research paradigms present the two basic philosophies for research that are available to researchers with their relative merits. Qualitative research focuses on elaborate interpretations without depending on numerical measurement to present mental models and insights about a topic of research (Zikmund, 2009, Chapter 7). The focus in qualitative research is on discovering true inner meanings and new insights about a topic without attempts directed towards quantitative measurements, statistical analysis or mathematical modelling. Qualitative research tools are appropriate when the research objective is less specific, and a need exists for understanding the topic of research better to decide about application of quantitative tools. Although it is possible to perform qualitative research in many ways using various techniques, the research paradigm may lean towards phenomenology, ethnography, grounded theory or case studies originating in psychology and in business research (Denzin, 2005, Pp. 421 – 425 & 529 – 545). However, hermeneutics based on analysis of texts, including texts that describe results of research studies carried out by others on similar topics, helps develop a deeper understanding for a topic of research. Thus, a literature review that attempts to extract important themes related to a topic of research is useful for elucidation of matters for further investigation. In addition, attempts at tapping into expert knowledge about a topic of research present insights derived from a lot of experience, effort and hard work extending into years. Thus, open-ended or semi-structured interviews or questionnaire style surveys with experts in a field present insights that are rare, useful and helpful for developing insights into a topic of discussion and mental models. The topic for the proposed research project requires developing new insights into international business strategy for biotechnology firms in Denmark, something that requires new insights, elucidation of issues and mental models. Quantitative research methods are not readily applicable to the topic of research without clear insights into internationalisation ambitions of biotechnology / life sciences companies in Denmark. Researchers have stated that the use of in-depth and semi-structured interviews associated with the phenomenological, constructivist or interpretive have the capacity for presenting multiple perspectives about the research focus (Andrews, 2008, Chapter 2). Thus, it is possible for an educative, transformative or emancipatory result for research into the topic of discussion using interviews with executives, business managers and strategists of biotechnology firms in Denmark. Semi-structured interviews are more useful because such interviews have a flexible agenda with a bearing on that which is investigated, or researched and unlike the unstructured interviews, a focus does exist on discussing only specific issues. Questionnaires prepared for the topic of research based on insights developed from a review of relevant literature that attempts to discover internationalisation ambitions and factors that impinge on these ambitions presented to business executives and managers of biotechnology companies in Denmark are likely to help with the desired insights. Thus, the methodology for this research should involve a review of relevant literature and feedback from semi-structured interviews / questionnaires presented to business leaders and senior business managers of selected biotechnology / life sciences companies in Denmark. Case studies that examine internationalisation ambitions of specific biotechnology / life sciences in Denmark will present further insights, and these will help further refine insights from literature review and semi-structured interviews / survey questionnaires (Denzin, 2005, Pp. 301 – 317). Ethics demand respondents included in the research are reassured that their names will not appear in any publications that make use of survey results, with only processed results used for purposes of publication (Groves, 2004, Chapters 3 & 4). Research Timetable Research effort leading to meaningful results for the proposed project shall include initial reading and review of literature, design of a survey questionnaire for business managers and leaders of biotechnology firms in Denmark, collection of feedback for questionnaire / semi-structured interviews and preparation of case studies for selected biotechnology companies in Denmark. Combining the results of all investigations into a report presents the product of the research effort. The research project requires access to a personal computer with Internet, access to research library and research databases, funds to cover mailing of interview questionnaires and their return as well as visits to selected biotechnology firms in Demark, located around Copenhagen, for interviews. A chart illustrating an approximate timeline for the research project is below. Figure 1: Chart illustrating an approximate timeline for the Proposed Research Project Conclusion The research project described in this research proposal will present useful insights into internationalisation ambitions and strategy for biotechnology companies located in Denmark, in addition to adding to an understanding about biotechnology business and the Danish biotechnology industry. Biotechnology is a leading and well-established sector with a high technology, knowledge-based orientation. Thus, those who have an interest in management, international business and biotechnology / life sciences will find this research useful. It is important to remember that biotechnology will remain a strong growing sector, with an expectation for delivering answers to many of the most pressing of human concerns. Thus, those with an interest in biotechnology and pharmaceutical industries benefit from insights into management and internationalisation of biotechnology ventures that this proposed research project will offer. 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