Closing Words

Abstract

‘Early on, a biotechnology company was defined as one that specialized in either gene splicing or monoclonal antibodies. But now those two techniques are common to the armamentarium of any biological laboratory. Perhaps, then, a biotech company is one specializing in biologicals rather than in organic chemicals. But again, most firms have accepted the necessity to work with more complex molecules like biologicals. Perhaps, then, a biotech company is an entrepreneurial, development-stage company pursuing classic molecular biology — an inductive, rather than empirical, approach. Fine, but that severely underestimates the capabilities of the drug companies and relegates the biotechnology industry to a world of small research boutiques. In fact, what separates the successful biotechnology firm from a traditional drug company? Is Genentech a biotech company, a pharmaceutical company, or something new — a biopharmaceutical company?’ — Robert Teitelman, Gene Dreams, Basic Books, 1989, p.7