How business development has shaped the face of the life sciences industry

Abstract

Business development has changed the face of the biotechnology and pharmaceutical industries. In the context of the biotechnology industry, individuals working in business development are responsible for building growth to promote the long-term value of a given firm. Polaris Market Research projects a 15.6 percent compound annual growth rate between the years of 2017 to 2029 in deal flow for the biotechnology industry. In this paper, I research and confirm how business development has been a boon for the industry; I explore the growth and evolution of business development in the biotechnology and pharmaceutical industries. To conduct this research, I have charted how the industry has shifted and developed based on a review of published journal articles and a study of the authoritative written sources. This research holds personal significance as I intend to work in the life sciences industry, particularly in positions that support biotechnology and pharmaceutical companies; I will use the information I garner from conducting this research to be able to best propel my understanding of the field forward. I would like to use this knowledge to have a holistic grasp on the industry for the purpose of building domain expertise.