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0 1997 1998 1999 2000 2001 2002 2003
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FIGURE 4.12 Relative stock performance of the general Genzyme portfolio
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(GENZ) versus that of the biosurgical division of the company (GZBX), based on quarterly highs, rst quarter 1997 to rst quarter 2003. Source: Genzyme Corporation and Genzyme Biosurgery Division
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Despite the lackluster performance of the biotech biomaterials market, it s clear that the potential market is at least as large as that of the pharmaceu tical or computing markets. At issue is timing, that is, when biotech bioma terials companies can be expected to achieve critical mass with must-have products. Using the Continuum Model of biotech maturity assessment, bringing a biomaterials product to market can be appreciated as a multi step process that has several parallels with the traditional drug develop ment process. As illustrated in Figure 4.15, the biomaterials research and develop ment process initially involves the product inception or materials design stage. During the concept stage of biomaterial research and development computer methods are commonly used to identify materials likely to satisfy the physical constraints on the material, such as a particular strength, weight, and resistance to environmental or manufactured forces.
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1997 1998 1999 2000 2001 2002 2003
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FIGURE 4.13 Stock performance of Haemacure Corporation, based on quarterly
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highs, rst quarter 1997 to rst quarter 2003.
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Source: Haemacure Corporation
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Given a well-de ned concept of the material to be developed (corre sponding to the Inception stage in the Continuum Model), the technologi cal hurdles to getting it to market include the selection, preparation, and fabrication of the biomaterial. Assuming that a sample of the desired mate rial can be successfully fabricated, the next step is processing, which deter mines the properties and ultimate performance of the biomaterial. Once a satisfactory process has been de ned, the biomaterial can be brought to market to address a variety of applications. Although there may be minor corrections in the processing or composition of the biomaterial over time, it eventually moves to the Completion stage of the Continuum Model. With this process in mind, consider where the various aspects of biotech biomaterials market are today, and what hurdles remain to be ad dressed before the biomaterial can be brought to market successfully. Looking forward to what these products might look like, consider the potentially high impact and high risk activities at the forefront of bio material research and development, including the technologies listed in Figure 4.16. Self-assembling materials are based on the premise that ultrasmall,
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1997 1998 1999 2000 2001 2002 2003
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FIGURE 4.14 Stock performance of 3M Corporation, based on quarterly highs,
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Source: 3M
complex devices and materials can t be built with conventional methods, but must be designed in such a way that they can create themselves without human intervention. That is, just as a seed self-assembles into a plant, ma terials can be given instructions to grow into new forms. One of the earliest self-assembling materials is the liposome, a spherical, microscopic lipid (fat) capsule modeled after a cell membrane. Liposomes are used as experi mental transport vehicles for oral medications. Intelligent or smart materials are substances that can anticipate failure, repair themselves, and autonomously adapt to their environment. These materials change their shape, stiffness, position, or other mechanical char acteristic in response to temperature, mechanical stress, light, or magnetic eld. Current research is focused on ways of making materials intelligent able to learn from their environment, rather than simply adaptive. Al though there are military applications for the technology, the commercial market for intelligent materials is likely several years away. Mimetics are biomaterials that imitate nature, such as cables that con tract with the application of an electrical current, similar to the action of a muscle ber. Likely future markets include medical applications that call for arti cial muscles to replace diseased or damaged muscle tissue. Mimet ics are used now by the military for robotic propulsion systems.