The Biomedical Industry is concerned withhuman health, specifically with the diagnosis of health risks and the prevention and treatment of diseases. It also involves the development of medical devices and pharmaceuticals. Scientists working in the biomedical industry use a broad range of disciplines including biology, chemistry, physics and materials science to develop cures for various illnesses. They often work in collaboration with the pharmaceuticals industry.
Economic Development
The Biomedical Industry is an essentialeconomic sector involving people’s livelihood and is a key driver for the economy. It is also a high-tech industry that can drive the development of a knowledge-based economy.
As such, the economic development of the Biomedical Industry has always been a top priority forChina. It is a major component of the national strategy for industrialization, and has become a key driver for the country’s modernization, total factor productivity improvement and the construction of a more resilient industrial and supply chain.
In a market economy, governments play animportant role in the economic development of a nation by providing certain goods and services to people, addressing environmental concerns, defining property rights and making markets more competitive. Governments also redistribute income through taxes and other means.
Job Creation
As the biomedical industry becomesincreasingly complex, it offers job creation opportunities in a number of sectors. These include manufacturing, healthcare, research and education.
As a biomedical engineer, your daily work mayinvolve designing and creating medical equipment, technology or software that helps patients live healthier lives. You might also use your skills to design and test new medical devices or help ensure that current equipment is safe and effective.
For example, as a biomedical engineer inrehabilitation, you might design custom solutions for patients that can help them regain mobility. You might also conduct research that improves the
effectiveness of existing rehabilitation technology.
However, despite the growth in biotechnologyand its impact on health care, the industry faces many challenges. One major challenge is the decline in drug R&D jobs. In recent years, US pharmaceutical firms have cut more than 300,000 science positions, and this job loss has accelerated since 2008.
Research & Development
Research and development is the process ofobtaining knowledge and then applying it to a specific objective. It can be applied to the improvement of existing products or the creation of new ones.
The Biomedical Industry provides excellentopportunities for individuals with a background in biology, chemistry or other sciences. They can work in a variety of different ways, from researching and developing drugs to designing medical devices and much more.
In the pharmaceutical industry, for example, asignificant portion of R&D funding goes to developing new drugs and ensuring that existing medications are kept up to date. Tax credits and other incentives for drug companies to invest in R&D also provide support for this type of investment.
Larger universities that conduct a lot ofresearch in biotechnology also receive indirect support from industry through licensing fees. In fact, a recent General Accounting Office survey found that the top 35 universities receiving NIH and NSF funds in 1989-1990 accounted for more than 60 percent of patent income from biotechnology (Blumenthal, 1992).
Innovation
There are a variety of opportunities forinnovation in the Biomedical Industry. These include new drugs, diagnosticmethods, drug delivery systems and medical devices. These innovations have the potential to improve patient treatment and health care, and they can also reduce costs. However, innovation in the healthcare sector is not without its challenges.
The main challenge is to ensure thatinnovations are rapidly adopted and diffused into the health care system, rather than lingering on as an untapped resource or being wasted by bureaucrats.
To succeed, companies must focus on a strategythat balances the three elements of invention, adoption and diffusion. They must identify pain points, develop an innovation approach, test the idea and implement it at scale. They must also be agile in anticipating and adapting to change.
