FACTORS SHAPING THE COMPETITIVE ADVANTAGES OF BIOTECHNOLOGY COMPANIES
Main Article Content
Abstract
Introduction. Ensuring the competitiveness of biotechnology companies is of strategic and global importance, as these companies invest in science, economics, medicine and other areas of life. The biotechnology industry is a high-tech industry that has the potential for significant economic growth. The competitiveness of biotechnology companies contributes to their success, and therefore to the economic growth of the country as a whole. Increased competition among high-tech companies motivates biotechnology companies to search for new solutions to ensure international competitiveness, as shorter innovation cycles, general availability of new technologies, complication of production and logistics processes, digitalization of business, and growing global instability require the development of strategic and tactical solutions to ensure the international competitiveness of biotechnology manufacturers.
Purpose. The purpose of the article is to summarize the factors shaping the competitive advantages of biotechnology companies.
Results. The authors summarize the main factors of competitiveness of biotechnology companies and group them into external and internal ones. The external ones include those related to the country's competitiveness and stability of its economic and political development. Internal factors are the direct object of the company's influence and combine structural, organizational, resource, managerial and innovative factors. The competitiveness of biotechnology companies is usually based on an integrated approach that includes scientific, technical, financial, regulatory and strategic aspects. Successful biotech companies are constantly improving their approaches and remain leaders in innovative development. Innovation is a key factor for the international competitiveness of biotech companies. Companies that can develop new products and services have a better chance of success in the global market. Access to capital is important for the growth of biotech companies. Biotechnology research and development is expensive, so companies need access to funding to realize it. International patents can be an important factor in protecting innovation and increasing the competitiveness of companies. Patents allow companies to maintain a competitive advantage over other companies.
The peculiarities of current systems for managing the competitiveness of biotechnological companies, such as the creation of an effective system for managing the innovation process, have been identified; product policy is important; brightness control systems; compliance with different standards and regulatory requirements in different countries and regions; effective personnel policy and effective motivation system; marketing policy; management of intellectual power; environmental resistance; development of international trade. These warehouses are mutually complementary and mutually consumable.
Originality. The specificity of the activity and mentality of ensuring the competitiveness of biotechnological companies is identified, which is manifested in the following areas: scientific and technological potential; focus on continuous innovation and development of new products and reduction of existing, systematic investments in research and development; management of intellectual power; quantity and intensity of resources; international presence, which allows companies to expand their business in the lighting market and adapt to different regulatory requirements and cultural characteristics of different countries; disruption of the market infrastructure associated with standardization, certification, and safe products; The system of marketing and production of products has been faulted.
Conclusion. The factors that contribute to the formation of competitive advantages of biotechnology companies are generalized. The internal and external factors of competitiveness of biotechnology companies are classified. The importance of innovations, strategic partnerships, intellectual property management, financial strategies and market strategies, and digitalization is proved. The importance of ensuring the flexibility of competitiveness management in response to market challenges and new opportunities is substantiated. It is determined that a condition for ensuring competitiveness in the biotechnology sector is the attraction and retention of highly qualified personnel, as well as organizational development. The company's overall ability to adapt to global realities, innovation and strategic management are crucial factors in achieving and maintaining international competitiveness in the biotechnology industry.
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