Genzyme's Gaucher Initiative: Global Responsibility
Genzyme’s Gaucher Initiative: Global Risk and Responsibility
In contrast to other biotechnology firms, Genzyme began focusing on supplying raw materials (enzymes), fine chemicals and reagents to large research laboratories and pharmaceutical companies. The company rudiments, from the very beginning, for generating capital to finance new projects was to use revenues to raise cash flows and to create a track record that would allow it to fund further growth.
The company was founded in 1981 on the conservative belief that it should use revenues generated by selling reagents to generate cash flow and to create a track record that would allow it to fund further growth. Key factors that summarize the reasons for the rise of Genzyme from its marginal position in the high-risk biotechnology business to become a global player are as follows:
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This was because understanding and deriving the compound was extremely difficult. At the time this research was initiated, the treatment of choice was bone marrow transplantation, an extremely costly procedure. Producing a product that would reach the needy therefore made great sense as the bio-tech industry had cut throat competition. This drug would give Genzyme an image putting the need for the needy ahead of monetary gains.
• NIH Relationship: The long term relationship with the National Institute of health (NIH) allowed Genzyme access to important information regarding the procedure to produce Cerezyme enzyme. The relationship with NIH helped Mr. Blair obtain a contract to manufacture and supply enzyme glucocerebrosidase (GCR), that was being used y Dr. Roscoe in research on Gaucher. This contract played along with the strategy to have constant cash flows to finance future projects of the
In contrast to other biotechnology firms, Genzyme began focusing on supplying raw materials (enzymes), fine chemicals and reagents to large research laboratories and pharmaceutical companies. The company rudiments, from the very beginning, for generating capital to finance new projects was to use revenues to raise cash flows and to create a track record that would allow it to fund further growth.
The company was founded in 1981 on the conservative belief that it should use revenues generated by selling reagents to generate cash flow and to create a track record that would allow it to fund further growth. Key factors that summarize the reasons for the rise of Genzyme from its marginal position in the high-risk biotechnology business to become a global player are as follows:
• …show more content…
This was because understanding and deriving the compound was extremely difficult. At the time this research was initiated, the treatment of choice was bone marrow transplantation, an extremely costly procedure. Producing a product that would reach the needy therefore made great sense as the bio-tech industry had cut throat competition. This drug would give Genzyme an image putting the need for the needy ahead of monetary gains.
• NIH Relationship: The long term relationship with the National Institute of health (NIH) allowed Genzyme access to important information regarding the procedure to produce Cerezyme enzyme. The relationship with NIH helped Mr. Blair obtain a contract to manufacture and supply enzyme glucocerebrosidase (GCR), that was being used y Dr. Roscoe in research on Gaucher. This contract played along with the strategy to have constant cash flows to finance future projects of the