Talk to a Technology Transfer Executive at any University and they will tell you the licensing money is in Biotechnology, more simply put, in medicine. Innovation in the Biotechnology marketplace is a very different proposition than it is for materials, devices, energy, software or any other area of invention and innovation. The sums of money spent on research are huge, in 2007 that figure for the US was estimated at $122 billion.
Not only are large sums invested in research, but the time to market is long, ten years to get a drug from the laboratory to market is consider an achievement. But the pay off for all this time and money can be enormous, Emory University and Northwestern received tens of millions of dollars from biotechnology patents in last few years. Healthcare is one industry where consumers do not have much of a choice when it comes to purchasing a product. Suffering, pain or death are not an option. A successful drug passed by the FDA and other overseas agencies is the closest thing to the right to print money.
To read the full, original article click on this link: Blogging Innovation » Bio Innovation
Author: Peter Doyle
