Keywords: biotechnology, commercialisation, competitive advantage, NIEs, innovation, scientific knowledge, technological knowledge, Hong Kong, Singapore, Taiwan
Commercialisation of biotechnology in newly industrialised economies
Biotechnology, the surging wave of economic development in the world, prompted Newly Industrialised Economies (NIEs) in Asia to emulate developed countries in biotechnology development. The stakes are however high and the uncertainty about return on investment has provoked a careful assessment of national scientific and technological strengths. With a focus on Hong Kong, Singapore, and Taiwan, this paper reviews the current market conditions and key factors that may advantage the development of biotechnology industry in the NIEs. It is argued that co-evolution of scientific and technology capabilities are essential, and the NIEs will have to leverage their comparative advantages in technological capabilities and should focus on core competencies in the already locally established biotechnology areas.