Reducing risk and increasing performance in the biotechnology industry

ABSTRACT The biotechnology industry is characterized by high risk and low performance. This article explores existing literature related to reducing risk and enhancing performance in the biotechnology industry, offering key managerial considerations. Specifically, the article argues that a learning orientation, failure learning orientation, entrepreneurial orientation, and market orientation are key strategic orientations that reduce risk and enhance performance in the biotechnology industry. The article concludes by presenting a conceptual model of the literature and recommends that biotechnology executives create the cultures, perspectives, and behaviors that support the identified strategic orientations.