Analysis of key success factors of Russian biotech firms

Kadyrov Chechen State University, Grozny, Russia

^* Corresponding author: mhedik@mail.ru

Abstract

A protracted production cycle that demands substantial resources is faced by Biotechnology companies, which face a long-term production cycle that demands large financial resources. During economic crises in Russia, particularly in biotechnology, there is a significant decline in market demand. During the economic crisis in Russia, as well as in sectors like biotechnology, there is a significant decline in market demand. It is this situation that intensifies competition among existing biotech firms, not only in marketing the products but also in securing capital resources for business development. As to ensure the success and longevity of biotechnology companies, it is imperative that you devise effective management strategies. A company’s success and competitiveness is assessed by comparing its strengths and weaknesses with its industry peers. In order to achieve the exceptional performance of a specific enterprise or the industry as a whole, strategic requirements should be aligned with strategic goals. The biotech firms can solidify or maintain their position for some time. This is the reason for biotech firms to solidify or maintain their positions for a certain duration. The concept of competitive advantage in this context is defined by R. Grant, as defined by R. Grant: the process of competition with two companies, where one has a competitive edge that leads to the potential for higher profitability.