Foreword

Biotechnology is commonly defined as the use of living organisms or their components to produce substances beneficial to humankind. In this regard, it is noteworthy that even in prehistory, beverages and foods resulting from fermentation and leavening processes - such as wine, beer, and bread - were already being produced. At that time, however, the mechanisms facilitating the transformation of natural inputs into everyday food products remained unknown. It was only through Louis Pasteur's research that humanity gained an understanding of the microorganisms responsible for these transformations; consequently, Pasteur is frequently cited as the "father" of biotechnology. This was followed, in the early 1970s, by the development of recombinant DNA technology by Cohen and Boyer, which enables the isolation and excision of short DNA sequences and their subsequent transfer into the genomes of other cells, thereby modifying one or more genes. This milestone marked the birth of the innovative or advanced biotechnology sector, of which Genentech -founded in 1977 by Boyer himself - represents the progenitor. Since then, there has been an ongoing expansion in the number of firms basing their business models on these technologies. Depending on the source consulted, the modern biotechnology market is valued between $1.7 and $2.5 trillion, with projections suggesting it could reach nearly $4 trillion by 2030. This magnitude is undoubtedly significant, explaining the keen interest of the financial world and policymakers in a sector that has become strategic for many nations. From a business management perspective, however, the most compelling element lies in the unique characteristics of this industry. It is composed of a growing number of firms applying these technologies across diverse fields, ranging from pharmaceuticals and agriculture to industrial applications, the environment, and marine biology. These entrepreneurial entities operate within a highly innovative context characterized by a profound structural complexity that links diverse actors, including established and startup firms, universities, and both public and private research centers. These factors render the management of biotech firms a subject of particular interest to management scholars, offering numerous avenues for investigating the managerial methods and tools they employ. In this light, the contribution provided by my colleague and friend, Paola O. Achard - based on her teaching and research experience - constitutes an important resource. It serves both students of management courses - including those increasingly prevalent within life sciences curricula - and managers tasked with developing innovative approaches where elements such as innovation, competition, and cooperation must achieve a harmonious balance. Among the primary strengths of this book is its focus on the coexistence and interaction of these three elements, complemented by a thorough characterization of the reference context. In this field, technological, economic, social, and regulatory aspects intersect continuously, to a degree far greater than in other sectors, including those with high technological intensity. Simultaneously, the text is characterized by a seamless integration of a rigorous scientific approach - grounded in management theory - with the analysis of specific empirical cases, which facilitates a deeper understanding of the specificities of such a complex sector.

Regarding the latter, the decision to offer a comparative perspective spanning Europe (with a focus on the United Kingdom, Spain, and Italy) and Asia (South Korea) is particularly commendable, as it allows for a comparison of business models adopted in economically, socially, and institutionally distinct contexts. In my role as University Delegate for Technology Transfer, Third-Party Research, and Spin-off Creation at the University of L’Aquila, I particularly appreciated the part of the volume devoted to the strategic management of innovation processes. These processes are notably complex and risky in this sector, due to the long timelines and substantial financial resources required. Within these processes, a fundamental role is played by the collaboration between universities and industry - a relationship that is not always straightforward but which, if managed effectively, can become a win-win scenario for both parties, as well as for the broader economic and social system.