Biopharma Innovation Models for Gulf Region in the Era of Globalisation

Biopharma Innovation Models for Gulf Region in the Era of Globalisation

Rakhi Rashmi (Kings College London, UK)
Copyright: © 2015 |Pages: 30
DOI: 10.4018/978-1-4666-7332-8.ch010

Abstract

Biopharmaceutical is the most upcoming segment of the pharmaceutical industry as the use of biotechnology has the potential to provide cures for the most life threatening and difficult ailments. At the same time for biopharma innovation, factors such as increasing costs, high continuous funding, and risk funding are of increasing concern for the emerging economies. This chapter measures the strength of biopharma innovation indicators in Gulf Cooperation Council (GCC) and explores the potential biopharma innovation models for gulf countries.
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Literature Survey

Innovation has been long recognized as a significant source of national economic growth (Shupeter, 1942). It is a powerful element in the economic success of both developed and developing countries.

Innovation is the process by which firms master and get into the practice product design and manufacturing processes that are new to them whether or not they are new to the universe, or even nation (Nelson, 1993).

Each sector has different requirements for innovation and requires different institutional set up. Biotechnology innovation systems process certain characteristics that distinguish them from those of other sectors. Biopharma innovation is a complex science which needs greater scientific skills and knowledge and at each stage of biopharma innovation learning is required and such learning can come from different channels (Oyeyinka & Sampath 2006).

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