Biotechnology, sometimes called simply biotech, is used in a variety of spheres like production of food and medicines. It develops products by using living organisms and living systems and nowadays the term has expanded to include scientific spheres such as applied immunology, diagnostic tests, pharmaceutical therapies, etc.
As to the application of biotechnology in medicine, it includes different areas like genetic testing, gene therapy, drug production. Nowadays genetic testing is used for prenatal diagnostic screening, for determining sex, for presymptomatic testing of certain diseases. Gene therapy is used in the treatment of acquired diseases and genetic diseases. As to drug production, in the 21st century more and more medicines for different illnesses are being produced. This has had a positive effect on people’s health, but at the same time the question of the relation between biotechnology and finance becomes crucial.
The biotechnology industry, especially in the United States, requires a lot of research and development and at the same time is important both for the healthcare system and for the economy. Drug industry covers production, testing, packaging, and promotion. Very often it is difficult to start producing a new medicine, because this is very expensive and because one needs to have knowledge of finance in order to be able to run a company in the appropriate way.
It is one thing to be a scientist and to create medicines, but quite another thing to be in the biotechnology industry, where other types of skills are required. This is the reason why some universities have created special programmes that prepare qualified specialists in the above-mentioned area.
So, it becomes clear that in a biotechnology company, there are scientists who develop the medicines and people who have profound knowledge in finance. The latter are responsible for the financial stability of the company. Sometimes it is possible for one person to have BA in biotechnology and MA in finance or vice versa. Cases of people who have education and experience in two spheres as different as finance and medicine are rare, but do exist. One such example is Dr. Lindsay Rosenwald, who studied finance and economics and later became a Doctor of Medicine. The combination of those two areas is extremely useful and makes possible the achievements in biotechnology industry.
Dr. Lindsay Rosenwald is a leading figure in management and investment of different companies. As part of his work he searched for medical developments that can be produced and marketed. He established Paramount BioCapital, which provides financing for biotechnology companies. The company has taken part in the development of a huge number of drug candidates, some of which, for example leukemia drug, have been released onto the market.