About Biotechnology Company
The term “biotechnology” means using biological processes to create new products. These include medicines, vaccines and devices. Biotech is also used in many other industries.
It is estimated that biotechnology companies produce over $500 million in revenue in the United States in 2016. Some of the top companies are Novo Nordisk A/S, Regeneron Pharmaceuticals Inc. and Incyte Corp. However, the biotechnology industry is much smaller than the pharmaceutical industry.
There are dozens of startup biotechnology companies in the United States. Most of them are located in the San Francisco Bay Area.
Biotechnology companies include Provention Bio, which listed on Nasdaq last summer. Others include SmartCell, which was established in Odessa, California, in 2012.
These companies are dedicated to developing biotechnologies for medicine. They have facilities that meet Good Manufacturing Practices (GMP) standards. In addition to working with big biotech companies, they have struck high-profile partnerships.
Biotech involves genetic engineering and regenerative medicine. Regenerative medicine restores the function and structure of organs and tissues that have been damaged.
Generally, a biotechnology company works with a pharmaceutical company. A pharmaceutical company is a commercial enterprise that researches, produces and sells drugs.
Both pharmaceuticals and biotechnology companies have to follow strict FDA regulations. For example, a drug application must be filed with the FDA before a product can be released for sale.
Biopharmaceutical companies use bacteria, yeast or mammalian cells to produce medicines. They may produce their own products, or they may buy from other biotech companies.