Technological convergence throughout the eras: Part 3 – Biotechnology

Purpose – It is widely acknowledged that the pace of change due to complexity in the competitive environment coupled with advances in technology and innovation is forcing management to rethink strategy formulation and implementation. The purpose of this paper is to discuss convergence in the context of discontinuous competitive environment and possible management responses to changes.Design/methodology/approach – The findings of this paper are based on the analysis of developments in the biotechnology environment. The disruption to pharmaceutical industry is examined from the context of need served.Findings – The rate of change in innovation is leading to the creation of new industries and the disintegration of the industry classifications due to convergence of multiple needs previously served by different industry groupings. As such, firms have to upgrade their environmental scanning systems to detect competitive forces beyond the traditional industrial competitive boundaries.Practical implications – The...