What Are the Challenges in Biotechnology Business?
Despite its potential, the biotechnology industry faces several challenges:
Regulatory Hurdles: Stringent regulations and lengthy approval processes can delay product development and market entry. High Research and Development Costs: Biotechnology research requires significant investment, which can be a barrier for startups and small companies. Intellectual Property Issues: Protecting intellectual property and navigating patent laws can be complex and costly. Market Acceptance: Public perception and acceptance of biotech products, especially GMOs, can influence market success.