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Management skills are crucial for the UK biotech industry as it grows.
As the UK biotech industry matures, and companies edge ever closer to getting products onto the market, the need for good management skills is becoming increasingly important. The high-risk nature of biotechnology, in conjunction with its hefty funding requirements and the length of time it can take to get a product to market, offers managers a unique set of challenges. The biotech industry is growing at an unprecedented rate. As a result of various government initiatives, smaller companies are springing up in Europe, but many lack the necessary management skills to survive in the long term. The report identified the need for management skills in the region, which is host to 170 biotech companies, many of the world s top pharmaceutical companies, and some of the UK s foremost research centers.