Relating business model innovations and innovation cascades: the case of biotechnology

Sustainable Growth Variables by Industry Sectors and Their Influence on Changes in Business Models of SMEs in the Era of Digital Transformation

SMEs around the world are constantly under threats to their survival and sustainable growth. This study evaluated the variables influencing the sustainable growth of SMEs in the technological evolution of digital transformation. I propose a business model innovation strategy for the sustainable growth of SMEs. Furthermore, I evaluated the variables influencing growth by industry sector and present strategies for innovation in the business model. Data were collected from 205 CEOs in six sector industries in Korea, and I investigated the effect of variables that affected the company’s sustainability when introducing digital transformation. A partial least-squares regression was used for the statistical analysis and was performed using a data group analysis. I found that the SME performance varied by industry and that technological competency had a mediating effect. The variables that most affected the SME performance were management, technology, and technical competence in marketing and innovation. This research went beyond the limitations of studying only the effects of each of the previous literature variables through causal studies linking these variables. The variables affecting the performance of the industries were found to be different. By comparing the variables that led to a difference in performance in the industrial sector, I developed a business model innovation strategy that can affect the sustainable performance of SMEs.

Developing innovation governance readiness in regenerative medicine: lessons learned from the Macchiarini crisis

The generation and clinical adoption of workable therapies in regenerative medicine has been slow, despite its alleged potential to relieve suffering and improve health outcomes. This has been explained by a fundamental difference between advanced cell and gene therapies and conventional drug- and device-based therapies, raising questions about how the readiness of existing healthcare systems to adopt such therapies can be evaluated and improved. In this paper, we use the lessons learned from the Macchiarini crisis at the Karolinska Institute in Sweden to take the first step in formulating the concept of innovation governance readiness. We propose it as a tool to help evaluate and improve the ability of private, public and civil society actors to work together to build and put into practice therapies based on emerging medical technologies such as regenerative medicine.

Business Model Design for Latecomers in Biopharmaceutical Industry: The Case of Korean Firms

Given high business risks and interdependency with various organizations in biopharmaceutical industry, business model has become a key element for firms that aim to be more sustainable and profitable. Despite its growing importance, research on the business model design in biopharmaceutical industry is limited. In particular, there is a lack of research dealing with business models or strategies for latecomers. In the face of drastic changes such as market expansion and patent expiration, there has been growing interest in latecomer’s business model in the biopharmaceutical industry. This study identifies different types of business model designs using hierarchical clustering. Based on an empirical study of 313 biopharmaceutical firms in Korea, we find three types of business models: business diversified research firm, non-diversified research firm, and mature firm. We then compare the general characteristics and performances of each cluster. The findings indicate that business diversification of biopharmaceutical firms is beneficial in terms of profit. This implies that the biopharmaceutical firms in latecomer countries such as Korea are recommended to consider business diversification for sustainable management.