Market orientation and performance in the biotechnology industry: An exploratory empirical analysis

The purpose of this study was to conduct an exploratory investigation into the link between market orientation and business performance in the biotechnology sector. Based on the nature and character of the biotechnology industry, a multi-faceted scale of market orientation was derived from a previously tested and, refined measure of the construct. Data were generated from 62 biotechnology firms and a variety of market orientation-performance relationships were investigated, alongside other potential effects on the different dimensions of business performance. The findings indicate that market orientation is positively and significantly associated with three of the four performance measures examined. Implications of our findings for biotechnology industry managers are discussed and limitations of the study as well as future research directions are addressed.