Development of a technology-based and innovation-based model for biotechnology firms in Australia: A policy perspective

Improving firm performance through innovative and technology-based factors has been a matter of great significance for firm owners and policy makers. The present study takes into account two aspects, innovation-based (INO) and technology-based factors (TF) to examine their impact on FP in biotech firms in Australia. Data was collected through survey questionnaires. The study adopted a quantitative approach and statistically analyzed the sample of 121 respondents. The findings of the study revealed that technological factors significantly impact FP. However, the second hypothesis evaluating the impact of INO on FP was found to be insignificant and it was concluded that in our study only TF positively and significantly impacts FP in biotech firms. The findings contribute to theoretical literature as well as practical implications. The study provides valuable insights for managers, practitioners and policymakers to develop and implement strategies for successful technology adoption that boost firm’s financial and non-financial performance. © 2023 ThinkBiotech LLC. All rights reserved.