Evolution of regenerative medicine business models
Purpose: This paper focuses on 10 case studies of companies/organisations that are part of the current innovation ecosystem for Regenerative Medicine in the UK. It analyses the actors, linkages, and influences that will determine the future shape of the RM industry sector and its capacity to live up to its initial expectations.Methods: Using the case study approach purposive sampling was used to get eighteen interview respondents from 10 Regenerative Medicine companies /organisations in the UK. We used semi-structured interviews for data gathering and thematic analysis to identify value chain gaps and innovation ecosystem influence on the evolving Regenerative Medicine business models. Findings: Regenerative Medicine (RM) promises to address currently unmet health needs by restoring the normal form and function of cells, tissues and organs. The innovations emerging to support the progress of RM to satisfy these important health care markets will disrupt the business models of incumbent industry sectors, particularly pharmaceuticals. Companies involved in this area must develop innovative business models and value chains and negotiate complex ecosystem influences, including regulatory systems and standards, financial support systems, and new market dynamics. Implications: This paper highlights the need for more systemic analyses of the needs of potentially disruptive innovations, in RM and more widely, and also for policy makers to give greater attention to these insights in planning regulatory and other supporting initiatives with innovation promotion in mind.
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