Sample Essay

According to the Bioworld news source, in 2007 the industry attracted more than $24.8 billion in financing and it also raised more than a hundred billion dollars within the five year period of 2003-2007. As well as employing 1.3 million people in the United States, the industry has also generated an estimated 7.5 million jobs with an average wage nearly 29,000 dollars greater than the average private sector wage. Perhaps one of the greatest core competencies of this industry is that since the market for potential products is large, small biotech companies can co exist with large ones as long as they can establish their expertise (Reuters, 2009).

Despite all the advantages that are provided by this industry, the legal ramifications of its course and its design are still very much in question. The biggest question that has been debated within the industry is one of intellectual property and the limitations these companies had in patenting their products. As such various legislations were passed over the years in order to establish guidelines for such patents which began with the Paris treaty which created a definition for the scope of industrial property.

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