Features
- Cover Type: Hard Cover with 237 pages
- Published by: Harvard Business School Press
- Edition: 1st Edition November 14, 2006
- Written in: English
- ISBN 10 Number: 1591398401
- ISBN 13 Number: 978-1591398400
-
Book Dimensions:
9.2 x 6.5 x 0.9 inches
- Weighs: 1.2 pounds
Product Review
"Pisano argues that as a business, the biotech sector hasn't matched the innovations of its science." --
BusinessWeek Online, December 20, 2006"Science Business" provides a fascinating history of pharmaceuticals and biotechnology. --
The Wall Street Journal, January 3, 2007How could an industry invented and staffed by brilliant, capable people have such a dismal long-term financial record? And why do investors keeping throwing money into the ring? --The Boston Globe, May 6, 2007
Product Description
Why has the biotechnology industry failed to perform up to expectations - despite all its promise? In "Science Business", Gary P. Pisano answers this question by providing an incisive critique of the industry. Pisano not only reveals the underlying causes of biotech's problems; he offers the most sophisticated analysis yet on how the industry works. And he provides clear prescriptions for companies, investors, and policy makers seeking ways to improve the industry's performance. According to Pisano, the biotech industry's problems stem from its special character as a science-based business. This character poses three unique business challenges: how to finance highly risky investments under profound uncertainty and long time horizons for R&D, how to learn rapidly enough to keep pace with advances in drug science knowledge, and how to integrate capabilities across a broad spectrum of scientific and technological knowledge bases.The key to fixing the industry? Business models, organisational structures, and financing arrangements that place greater emphasis on integration and long-term learning over shorter - term 'monetisation' of intellectual property. Pisano maintains that all industry players - biotech firms, investors, universities, pharmaceutical companies, government regulators - can play a role in righting the industry. The payoff? Valuable improvements in health care, and a shinier future for human well-being.
Reader ReviewsReally just a wonderful introspective into the realm of the biotechnology sector. The writing style is excellent, entertaining, and very analytical. He does a fantastic job of illustrating the scientific challenges that make biotech unique. My favorite chapter in the first section (Section I) entitled, "The Science of the Business" was chapter 4, "Drug R&D and the Organizational Challenges". Here, he explains quite remarkably the differences between Drug R&D and other high tech industries, which he breaks down into the terms of "modularity" and "integrality"; just fantastic! The second section (Section II) discusses, "The Business of the Science" which is equally interesting. In this section my favorite chapter was chapter 6, "The Performance of the Biotech Industry: Promise Versus Reality". Here he explores the financial and operational issues pertaining to the sector. I think manager/mba-types will like this second section. What I can say is that I learned quite a bit from this second section including info on raising capital (e.g. IPO, Partnering, licensing, etc.), and much about "the monetization of Intellectual Property". Overall, I must say this is - IMHO - an unbiased expose on the biotech sector. In order to truly understand its history, its unique challenges, one should strongly consider this book b/c it hinges upon a number of terrific concepts that need to be discussed and illustrated for the unaware. The author assumes the reader knows nothing, so pretty much anyone with a penchant for biotech will enjoy. I learned a lot from this book and it was fun too. Five star rating all the way!
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