INFORMATION FROM INDUSTRY CANADA ON THE BIOTECHNOLOGY INDUSTRY

"Biotechnology is an umbrella term that covers a wide spectrum of scientific tools based on molecular biology. Formally, there is no such entity as a biotechnology industry. Rather, it is a broad, enabling technology that impacts on productivity in a wide range of sectors." "The biotechnology community … includes dedicated biotechnology firms, established corporations with a biotechnology division, university departments, research institutes, venture capital firms, regional associations, regulatory authorities and suppliers involved directly or indirectly in biotechnology." "The time and costs required to bring a product to market range from two to five years and up to $20 million for an innovative diagnostic product, and from eight to 12 years and between $150 million and $250 million for a new drug or crop variety." "Strategic alliances with large multinational companies have become essential in order to share these high costs and risks and to tap into the managerial and regulatory expertise, marketing strengths and manufacturing capabilities of their larger partner."