Entrepreneurship itself is a broad term that has found a way to knit a diverse web by itself. Entrepreneurship has been introduced and developed in various domains ranging from software development to the life sciences. It has been a catalyst and anepitome of growth for those who have ever sought and lived by the belief of individualism and creating a solution that will benefit society.With an innovative concept and a dynamism for management, anyone could kick start their entrepreneurial career.
Yet another bifurcation in this entrepreneurial platform is “Bioentrepreneurship” which in simpler terms is similar to a business administration in the “Life Science” field. The life science industry, ultimately comprises of the Biotechnology, Biomedicine, Pharmaceutical and the Medical Technology industries and these are the fields that essentially do not age yet see a progressive growth. This could be directed towards the “demandfor solution-and-pull in market” that drives these industries to constantly develop groundbreaking solutions. The key takeaway from the complete concept of Bioentrepreneurship is that the main stakeholder in this are the “customers/consumers” primarily because the solutions developed are designed for this section.
The medical technology industry is essentially fueled by the constant change in technology. While the biotechnological domain brings in new waves of technology that is integrated into the life sciences. How does bioentrepreneurship play amidst this intricate web of interdependency? It combines the business acquaintance with the scientific understandings. As a bioentrepreneur, the main profession would involve linking the research to the public segment.
Bioentrepreneurship addresses the core healthcare needs, lays a solid foundation for the solution and ensures that the patient bodies have the required access to it. There is a substantial amount of groundwork established prior to ensuring that the solution in the form of a product or service is accessible. This fundamentally consists of an enormous multifaceted project, comprising of; needs finding, design thinking, product development, market analysis, strategic management of the overall project and finally the negotiations for the pricing strategy.
Throughout this plan of action what truly supports the bioentrepreneurs is the “user journey map”. A user journey map does not only track the difficulties faced by the users / customers, but also captures the essence by taking into account the ecological factors, emotional, mental and physical wellbeing of the individuals. Due to which bioentrepreneurship is distinctly opposed to all the other entrepreneurial categories, wherein it not only caters to the user needs but also promotes longevity of a life expectancy.
Although the above mentioned elements revolving around bioentrepreneurship have considerable impact. The other aspects that are actively taken into consideration while building a bioentrepreneurial venture are; reimbursement and economic policies, intellectual property strategies, market access, prospective collaborators and the potential market segments at a global scale.
In conclusion, bioentrepreneurship deals with new methodologies and insights to make the preceding knowledge more pertinent.Inclusive of the aforementioned bioentrepreneurial segment, the overall takeaway from this would be that, although niche the life science industry has burgeoned gracefully across the business and entrepreneurial sectors as well.
By,
Sneha Basavaraj Challapilli
Student
Karolinska Institutet, Stockholm.
Hej! I am Sneha and presently I pursue a Master’s degree in Bioentrepreneurship at Karolinska Institutet, Sweden.
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