Biomedical Engineering Reference
In-Depth Information
research facilities and built in generous research funding components
to attract talented researchers to the region (Waldby, 2009). All of
these different policy initiatives have emerged in response to the
recognition that biotechnology development will be an important
component of future economic growth and that the demands placed
on the workforce will be significant.
1.2.2 Differences
Unlike biotechnology though, stem cell science has its own unique
challenges that cannot be simply resolved through the application of
the standard biotechnology business model. First, stem cells require
much longer time frames than the standard investment cycle in
biotechnology; second, they are difficult to replicate and standardize;
and third, they require storage processes and transmission mechanisms
that biotechnological products do not always need. For stem cell
products that are going to be used in human applications also, there
is a host of safety concerns that need to be taken into account too.
Some research shows that for the biomedical sciences 'the valley
of death' is becoming an even more crucial phase as innovation
becomes more complex (Butler, 2008). Commercialization specialists
have long argued that the length of time it takes to develop a
successful product to proof-of-concept stage is what poses the
biggest hurdle to successful commercialization. Streamlining and
fast-tracking the research and development process as much as is
practicable without compromising on results is therefore a key
business strategy for emerging biotechnology companies (Ernst &
Young, 2010). In biomedicine though, research and development has
become increasingly specialized and divided between basic research
and clinical application (Butler, 2008).
Early reports from the stem cell sciences have suggested that the
complex nature of conducting research and development with stem cells
coupled with an uncertain regulatory environment and lack of access to
facilities are all factors working against the successful development of
stem cell-derived products in a short time frame (Belardelli et al., 2011).
In 2006 it was estimated by one research group that the length of time
