Schumpeterian innovation and entrepreneurs in capitalism: A case study of the U.S. biotechnology industry |
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| Institution: | 1. Division of Cardiology, Department of Internal Medicine, Tongji Hospital, Tongji Medical College, Huazhong University of Science and Technology, Wuhan, China;2. Division of Cardiology, Department of Internal Medicine, First People''s Hospital of Shangqiu, Shangqiu, China;3. Center for Childhood Cancer, The Research Institute at Nationwide Children''s Hospital, Department of Pediatrics, College of Medicine, The Ohio State University, Columbus OH, USA;4. Department of Medicinal Chemistry, College of Pharmacy, University of Florida, Gainesville FL, USA;5. Department of Biochemistry and Molecular Biology, University of Maryland School of Medicine, Baltimore MD, USA;6. Department of Geriatrics, Tongji Hospital, Tongji Medical College, Huazhong University of Science and Technology, Wuhan, China;1. Department of Anaesthesiology and Intensive Care Medicine, Klinikum rechts der Isar, Technische Universität München, Ismaninger Str. 22, 81675 Munich, Germany;2. Department of Perioperative Medicine, Barts Heart Centre, St Bartholomew''s Hospital, West Smithfield, London EC1A 7BE, United Kingdom;3. Hexal AG, Industriestr. 25, 83607 Holzkirchen, Germany;4. Galimedix Therapeutics, Inc., 2704 Calvend Lane, Kensington, MD, 20895, USA;1. Department of Nanobiotechnology, Biology Centre, ISB, Academy of Sciences of the Czech Republic, Na Sadkach 7, 370 05 Ceske Budejovice, Czech Republic;2. Regional Centre of Advanced Technologies and Materials, Palacky University, Slechtitelu 27, 783 71 Olomouc, Czech Republic;3. Department of Nanobiotechnology, Institute of Nanobiology and Structural Biology of GCRC, Academy of Sciences of the Czech Republic, Na Sadkach 7, 370 05 Ceske Budejovice, Czech Republic;4. Department of Applied Chemistry, Faculty of Agriculture, University of South Bohemia, Branisovska 1457, 370 05 Ceske Budejovice, Czech Republic;1. Department of Cancer Biology, Dana-Farber Cancer Institute, Boston, MA 02215, USA;2. Department of Biological Chemistry & Molecular Pharmacology, Harvard Medical School, Boston, MA 02115, USA;1. Department of Cell Stress Biology, Roswell Park Cancer Institute, Buffalo, NY, USA;2. Department of Cancer Genetics, Roswell Park Cancer Institute, Buffalo, NY, USA;3. Department of Dermatology, Roswell Park Cancer Institute, Buffalo, NY, USA;4. Department of Biostatistics and Bioinformatics, Roswell Park Cancer Institute, Buffalo, NY, USA;5. Department of Immunology, Roswell Park Cancer Institute, Buffalo, NY, USA;6. Orekhovich Institute of Biomedical Chemistry, Moscow 119121, Russia |
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| Abstract: | This paper uses the theoretical framework developed by Joseph Schumpeter to examine the first ten years of the U.S. biotechnology industry. The role of the entrepreneur, scientist/inventor, manager and capitalist are distinguished. There is a discussion of the obstacles the small firms have had to overcome to create a “New Economic Space” in the marketplace. It is argued that the earlier Schumpeter of The Theory of Economic Development and Business Cycles emphasizing the role of small firms more accurately describes the U.S. biotechnology industry in 1985, than Schumpeter's later work Capitalism, Socialism and Democracy which postulated that the large established firms have preempted the role of small firms in innovation. A discussion of the role of large established firms and the small entrepreneurial firms presents the tensions inherent in the “cooperative” arrangements between these two types of business enterprises. The role of small biotechnology firms in reducing these innovations to practice and in their ability to continue to grow demonstrates that the independent entrepreneur recognized by the early Schumpeter has been very active in the biotechnology industry. |
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