The Bio Market For Engineering Management
- Conference
- Location
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Honolulu, Hawaii
- Publication Date
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June 24, 2007
- Start Date
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June 24, 2007
- End Date
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June 27, 2007
- ISSN
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2153-5965
- Conference Session
- Tagged Division
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Engineering Management
- Page Count
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8
- Page Numbers
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12.1390.1 - 12.1390.8
- DOI
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10.18260/1-2--2263
- Permanent URL
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https://strategy.asee.org/2263
- Download Count
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397
Paper Authors
Megan Brunkhorst University of Missouri
Megan Brunkhorst is a graduate student at the University of Missouri – Rolla, currently pursuing her M.S. in Engineering Management. She received her B.S. in Biomedical Engineering from Saint Louis University in May 2006. She was awarded a University of Missouri – Rolla Chancellor’s Fellowship and works as a Graduate Research Assistant in the Department of Engineering Management at UMR.
Halvard Nystrom University of Missouri
Halvard E. Nystrom is an Associate Professor of Engineering Management at the University of Missouri – Rolla, where he has been a full time research and teaching faculty for ten years. He received his Ph.D. in Industrial Engineering with an emphasis in Management of Technology from Arizona State University. He earned his MBA from Stanford and a B.S. degree in Mechanical Engineering at the University of Illinois, Urbana. His research interests are in marketing, technology management, financial management and engineering education. He also has fourteen years of industrial experience with Digital Equipment Corp., Castle and Cooke Inc. and Westinghouse (R&D Center). Dr. Nystrom was awarded a Fulbright Scholar Grant in 2005 to teach in Oman.
Donald Myers University of Missouri
Don Myers is a Professor of the Engineering Management Department at the University of Missouri – Rolla. He holds BSME, MSME, MBA, and JD degrees. He is a registered Missouri Professional Engineer, a member of the Missouri Bar, and a registered Patent Attorney with the U.S. Patent and Trademark Office. Prior to joining UMR, he served in various industrial assignments for four Fortune 100 companies. He served on the U.S. Senate Science Committee staff and as the Science Adviser to the Governor of Missouri. His research interests include issues related to management of technology, technology transfer, technology policy, strategic technology management, and the legal aspects of technology. He is a past ASEE Zone III Chair and a past member of the ASEE Board of Directors.
Abstract
NOTE: The first page of text has been automatically extracted and included below in lieu of an abstract
The BIO Market for Engineering Management Introduction
Due to new genetic engineering breakthroughs, the aging of “Baby Boomers” in the United States, and increased business opportunities in the application of life sciences, the biomedical field is one of the fastest growing segments in engineering. This level of growth suggests that there might be great opportunities for growth within Master’s degree programs in Engineering Management. The questions are: Who are these new engineering and science students that might gain from an Engineering Management Master’s degree, and is there an opportunity to target these new prospective students? The second question is: Which industries might want to hire these new graduates? In this paper, the term BIO is defined as all the healthcare industries that might be interested in these new graduates, including developers, manufacturers, and distributors of medical products, equipment, and services. This includes pharmaceutical firms, hospitals, and governmental agencies that investigate, regulate, or provide health services. The purpose of this paper is to highlight to the Engineering Management educational community the opportunity to address a new growing market. This paper provides a historical background of BIO, investigates the various degrees that might prepare these BIO engineers before they earn their Master’s of Science Degree in Engineering Management, and the industries where this might be useful.
Historical background
The pharmaceutical industry has been in place since ancient times. People have always been looking for medicines to cure diseases and illnesses. The pharmaceutical industry is currently a much regulated industry in this country and its regulation began in 1906 when the FDA was founded. The FDA plays a major role in the pharmaceutical industry by providing security to the users and eliminating dangerous medicines. In 1938, the ingestion of “Elixir of Sulfanilamide” led to the deaths of 107 adults and children. Due to these deaths, the 1938 Federal Food, Drug, and Cosmetic Act was passed, giving the FDA considerably increased power to regulate on behalf of the public. Originally its control was limited to prescription medicine, but in 1961, over-the-counter drugs also became regulated by the FDA. The following year, safety and efficacy data began to be required for new drugs.1
The pharmaceutical industry is experiencing significant growth. In 2005, the U.S. pharmaceutical market reached $252 billion in revenues, a seven percent increase from 2004. Globally, sixty-four companies (72.6% of the global pharmaceutical market) achieved sales greater that $1 billion. The top ten pharmaceutical companies generated revenues of $252 billion and make up more than 40 percent of the total market. The top five companies included: Pfizer with a market share of 7.4%, GlaxoSmithKline with a market share of 5.6%, Sanofi-Aventis with a market share of 5.6%, AstraZeneca with a market share of 4.0%, and Johnson and Johnson with a market share of 3.7%. By 2010, the global pharmaceutical market is expected to grow at a compounded annual growth rate of 6.9% to reach $842 billion in 2010.2
Brunkhorst, M., & Nystrom, H., & Myers, D. (2007, June), The Bio Market For Engineering Management Paper presented at 2007 Annual Conference & Exposition, Honolulu, Hawaii. 10.18260/1-2--2263
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