Q.1: How has the biotechnology industry changed over the last few years?
Biotechnology has shown a promising future since the mid-seventies. It was during this time that the opportunity to cultivate modern biotechnology. Of course, modern biotechnology has presented various advantages and contributions to science and society. Through the modernity that is being applied to biotechnology, scientists have obtained knowledge about DNA (deoxyribonucleic acid), for instance. This breakthrough in biotechnology has opened up possibilities of working on human molecules to alter some aspects of life.
This process is most beneficial in searching for ways to provide solutions to human problems that are strongly tied from simple to serious illnesses or diseases. In this case, biotechnology works well in providing cures for human diseases.
Discoveries in biotechnology have opened up opportunities for pharmaceutical companies to develop the industry. Various drugs being manufactured for production by pharmaceutical companies require the manipulation of human molecules in order to determine which o drugs will be most beneficial for human medicinal needs.
The process is a daunting task that requires trial and error and a continuity of tests and reevaluations until scientists are finally able to accomplish the desired results. Since biotechnology, as a field of science, have assured pharmaceutical companies that it can provide what the industry needs, in terms of providing societal needs and obtaining profit for companies, it ceased to become just a science but also an area of interest for entrepreneurs and investors.
Attracting the interest of entrepreneurs and investors however has developed the industry as funding for researches and studies conducted by biotechnologists became possible due to the influence of business organizations and institutions. Although at first, biotechnology failed to deliver the expectations of entrepreneurs and investors. They have become doubtful causing them to withdraw their trust from biotechnology. Due to the lack of support that biotechnology receives from sources of funding, the industry decided to turn to emerging technological gadgets in order to improve their craft. During these times, biotechnology has been highly reliant on new technologies rather than their previous methods and approaches. Moreover, entrepreneurs and investors have begun to involve themselves in companies that manufacture technologies that improve pharmaceutical processes. This situation transformed biotechnology into something more than it was, qualifying it for modern biotechnology.
Q-2: What has been Millennium’s alliance strategy? How has it differed from other biotechnology firms?
Millennium Pharmaceuticals was established to provide what most biotechnologists are trying to work on, the Human Genome Project. The objective of the Human Genome Project was to create a map of all DNA within the human body. The result of this project was perceived to provide a solution to all illnesses or diseases just by altering the sequence of DNA. The success of Millennium Pharmaceuticals, as compared with other institutions, is not only based on its ambitious and prestigious entry to focusing on the Human Genome Project, but is also attributed to the institution’s human capital. Millennium has allied with the best technologists, entrepreneurs and investors, legal and ethical counselors, etc.
The hiring process for Millennium was meticulously designed, such that every recruit or applicant is being screened and evaluated in order to ensure that they pass the required knowledge, skills, and competencies of the employees that the institution wants to obtain and nurture. Moreover, Millennium has partnered with highly competent and able organizations or institutions that are willing to support the goals and objectives of the company, structuring it in terms of the organization’s availability and accessibility to resources, sound practices ethically and legally, etc. The legal and ethical practices eliminate distrust and other hostile views of Millennium as it ventured into an industry that harbored controversy. The Human Genome Project is a matter of dispute, and legal and ethical awareness allowed the company to eliminate mistrust and criticisms.s Other partnerships were established with other companies or institutions who do not necessarily work within the industry of biotechnology but somehow contribute to the workings of pharmaceutical companies. Millennium partnered will reputable institutions such as Monsanto and Bayer.
The ability of Millennium to focus on the cornerstone of biotechnology – the Human Genome Project – and at the same time build allies with individuals and institutions that are powerful and capable enough to support the necessities and requirements of Millennium made the institution one of the leading and envied pharmaceutical companies. However, aside from the initial steps taken by Millennium, it has decided to further its development by looking into other possibilities and options that might catapult the institution into greater success. Millennium merges biotechnology theories and concepts with other fields of science in order to harness the best results from the comprehensive background knowledge and information that shall be obtained through interdisciplinary means.
Compared to other biotechnology firms, the structure of Millennium is not as formal or hierarchically arranged. The organization is not being managed by authoritative or traditional leadership means, but by liberal and responsible leadership. Other organizations always follow the rules of hierarchy and superiority. Millennium tried to counter the fallbacks of traditional leadership by enhancing communication processes and relationships within the organization which fosters collaborative ties within its members helping the organization to move forward professionally. The steps taken by Millennium indeed helped it rise as a powerful and highly reliable biotechnology firm.
Cite this Millennium Pharmaceuticals
Millennium Pharmaceuticals. (2016, Jun 30). Retrieved from https://graduateway.com/millennium-pharmaceuticals/