What are the Challenges in Biotech Entrepreneurship?
While biotechnology offers numerous opportunities, it also presents several challenges for entrepreneurs:
High R&D Costs: Developing biotech products often requires substantial investment in research and development. Regulatory Hurdles: Biotech products must undergo rigorous testing and regulatory approval, which can be time-consuming and costly. Intellectual Property: Protecting innovations through patents is crucial but can be complex and expensive. Market Acceptance: Convincing stakeholders and consumers to adopt new biotech solutions can be challenging.