The paper "Current Industry Environment of Incyte Corporation" is a good example of a case study on business. Incyte Corporation exists in the biotechnology industry of the healthcare sector of the United States of America. The current industry environment comprises of various biotechnology companies such as Shire plc. , BTG plc. , Amgen Inc. , Sun Pharmaceutical Industries Limited and Genus plc. The industry is characterized by stiff competition in the discovery, development, and commercialization of new products. Competition has been the drive that makes Incyte Corporation work towards discovering more products.
Among many discoveries in Incyte Corporation is Jakafi for the treatment of primary, post, and post essential myelofibrosis. The current product pipeline comprises trial products for the treatment of thrombocythemia, hematologic distortions, pancreatic cancer, psoriasis and rheumatoid arthritis, solid tumors, and polycythemia vera. Now, the company is working towards discovering small molecule proprietary drugs for the management of serious medical conditions (Plunkett, 2008). Such continued discoveries by Incyte Corporation explain the stiffness of the competition in the industry. The industry, however, is not free from hindrances. Among them are licensing and certification of the products.
A company is required to possess license agreements of which Incyte Corporation has complied. Moreover, the industry’ s international considerations face the challenge of an outstanding and prevailing United States’ academia along with substantial dissimilarities between academic and corporate segments. In addition, there exist considerable increases in international talent migration and biotechnology expertise as well as growing demand in mature economies and emerging biopharmaceutical markets. Industry trends analysis The biotechnology industry grew rapidly in 2012 with the increase in approval rates of new drugs by the FDA. However, the industry faces declining activities concerning issuance patent rights.
Research studies have shifted significantly to filing programs in certain essential technological advancements such as stem cell, gene therapy, and antibodies. This indicates a clear projection for the return of commercial activities since biotechnology companies tailor their filing approaches to state laws more willingly than employing the approach of a universal size for all. This also attributed to the need for international protection by the biotechnology industry through national patenting (Williams, 2007). The market has also been the main drive in this industry.
The United States is the largest consumer of biotechnological products in the globe. This has lead to growth in biotechnology research that has lead to the commercialization of biotechnological products for both domestic and international consumption. The rapid growth in the industry has led to increasing in the need for manpower, which in return leads to an increase in the need for companies to consider commercial teams, experienced management and clinical development teams that enhance the company’ s objective in drug discovery. In this regard, biotechnology development currently takes a commercial and strategic approach in addition to the United States’ outstanding position against Asia’ s substantial growth.
Most notable, substantial growth from Asia poses a considerable threat to the United States’ sustained competitive edge due to the rising growth record of global patent applications from Asia. As a result, patent applicants take into account their experiences while deciding on where to search for international patent protection (Williams, 2007). Finally, the biotechnology industry would continue facing significant changes in the future.