Challenges in Establishing Sustainable Innovation in the Biotechnology Sector: A Case of DNA Labs, Nigeria

Abstract

Entrepreneurship progresses through challenges, and the trend is even more striking in upcoming industries like medical biotechnology in Nigeria. The modern-day shift from conventional therapeutic approaches to advanced biomedical practices through medical biotechnology is becoming increasingly rapid. While showing outstanding promises and sustainable development, the cost that comes along with the employment, operation, expertise, and maintenance of medical biotechnological tools presents a difficult hurdle that needs curtailment in developing countries. This research used ‘DNA Labs, Nigeria’ as a case study to discover associated barriers affecting sustainable entrepreneurship and innovation in Nigeria's medical biotechnology sector. Finance was identified as the major constraint due to the expensive nature of tools and expertise required to run the services; regulatory policies and arbitrary public perception of biotechnology-based diagnoses were identified, amongst others, as the variable hindrances. DNA Labs, Nigeria picked out alternative revenue-generating schemes and strategized partnerships as possible measures of overcoming the industry's challenges.