Management Practices and Strategies to Accelerate the Innovation Cycle in the Biotechnology Industry

The innovation cycle of the biotechnology industry isoften complicated and lengthy, indicating a need for strategic, innovativemanagement skills.The success of the innovation process is affected bycritical success factors (CSFs), which are necessary for firmsuccess.Considering these issues, this research examines the managementskills necessary to encourage the success of the innovation process amongbiomedical firms. For this study, the researchers utilized data gathered by the EACC Centrefor Global Innovation Management at the University of Melbourne in Australiafor the purpose of comprehending the innovation cycle and CSFs. Based on thedata, four stages of the innovation cycle are recognized and include: (1)research the idea, (2) prove the discovery, (3) test the principle, and (4)produce the concept. The results of the data analysis are presented, including recommendationsregarding "tools" necessary for biomedical success.Theresearchers propose the implementation of new management systems amongbiotechnology firms to ensure a condensed innovation cycle and an acceleratedresearch process.(AKP)