91369 Biobusiness
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Subject handbook information prior to 2025 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
Requisite(s): 48 credit points of completed study in spk(s): C10115 Bachelor of Biomedical Science OR 48 credit points of completed study in spk(s): C10184 Bachelor of Medical Science OR 48 credit points of completed study in spk(s): C10186 Bachelor of Health Science Traditional Chinese Medicine OR 48 credit points of completed study in spk(s): C10223 Bachelor of Environmental Biology OR 48 credit points of completed study in spk(s): C10242 Bachelor of Science OR 48 credit points of completed study in spk(s): C10275 Bachelor of Medicinal Chemistry OR 48 credit points of completed study in spk(s): C10346 Bachelor of Biomedical Physics OR 48 credit points of completed study in spk(s): C10346-C10347, and Category Type = Bachelor's Degree OR 48 credit points of completed study in spk(s): C10384 Bachelor of Science Analytics OR 48 credit points of completed study in spk(s): C10387 Bachelor of Forensic Science OR 48 credit points of completed study in spk(s): C10126 Bachelor of Science Bachelor of Laws OR 48 credit points of completed study in spk(s): C10131 Bachelor of Medical Science Bachelor of Laws OR 48 credit points of completed study in spk(s): C10162-C10163, and Category Type = Bachelor's Combined Degree OR 48 credit points of completed study in spk(s): C10243 Bachelor of Science Bachelor of International Studies OR 48 credit points of completed study in spk(s): C10330 Bachelor of Science Bachelor of Creative Intelligence and Innovation OR 48 credit points of completed study in spk(s): C10353-C10354, and Category Type = Bachelor's Combined Degree OR 48 credit points of completed study in spk(s): C10385 Bachelor of Science Analytics Bachelor of Arts International Studies OR 48 credit points of completed study in spk(s): C10388-C10389 OR 48 credit points of completed study in spk(s): C10391 Bachelor of Forensic Science Bachelor of Laws OR 48 credit points of completed study in spk(s): C10079 Bachelor of Engineering Bachelor of Biotechnology Diploma Engineering Practice OR 48 credit points of completed study in spk(s): C10073 Bachelor of Engineering Bachelor of Science OR 48 credit points of completed study in spk(s): C10422 Bachelor of Science Bachelor of Languages and Cultures OR 48 credit points of completed study in spk(s): C10440 Bachelor of Science Analytics Bachelor of Languages and Cultures OR 48 credit points of completed study in spk(s): C10419 Bachelor of Medical Science Bachelor of Languages and Cultures OR 48 credit points of completed study in spk(s): C10167 Bachelor of Medical Science Bachelor of International Studies OR 48 credit points of completed study in spk(s): C10169 Bachelor of Molecular Biotechnology Bachelor of Business OR 48 credit points of completed study in spk(s): C10172 Bachelor of Molecular Biotechnology OR 48 credit points of completed study in spk(s): C10228 Bachelor of Marine Biology and Climate Change
These requisites may not apply to students in certain courses. See access conditions.
Description
Biotechnologists design products and processes, medical scientists diagnose or treat disease and environmental scientists manage the environment. All bio-scientists need to interact with the community. Research must be ethical and relevant to the community's needs. Products and processes must comply with regulations and laws, and must be safe. Bio-scientists communicate with peers and the general public, and maintain their knowledge and skills. All bioactivities must be financially sustainable either as a result of government (public) funding or profit.
In this subject, students learn how biotechnology is managed as a business entity. They learn about innovation and entrepreneurship, career development and management, clinical trials management, quality control techniques, quality management systems (ISO, GMP, etc.), failure mode and effects analysis (FMEA), legislation, and the financing, establishment and management of biotechnology companies. There are three main components of this subject: practical tools for the management of risk in biobusinesses, career management tools and biotechnology business models and strategies for financial success. Comprehension of the key steps required for commercialisation of biotechnology through business planning and modelling is also provided and practiced by focusing on various strategies to create a viable and sustainable business. Various case studies from real bio-businesses both in medical and environmental sciences fields are discussed and evaluated. Students continue to develop techniques to communicate with peers and maintain their scientific skills so they are ready for whatever the future holds.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | Contribute knowledgeably to discussions related to different types of biobusinesses and the challenges that such businesses face. |
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| 2. | Evaluate and reflect on biotechnology employment landscape and understand the discipline knowledge and skills required to address various challenges in biobusiness. |
| 3. | Summarise and reflect on how human ethics, animal ethics and genetic manipulation is managed in modern organisations and be able to participate in these processes at graduate level. |
| 4. | Explain and anticipate how risk and safety are managed in modern organisations through regulation, legislation, standards and safety management systems (GMP, FMEA, ISO and auditing). Also show ability to contribute to these processes at graduate level. |
| 5. | Participate in quality management systems as used in modern biobusinesses and be able to assist in the implementation of these systems at graduate level. |
| 6. | Describe how biotechnology and business are integrated, what is required to develop an innovative biotechnology product into a business and be able to apply this understanding at a graduate level. |
| 7. | Demonstrate understanding of the needs and approaches to develop and grow a biobusiness |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of following course intended learning outcomes:
- Explain how current and emerging molecular biotechnologies can be used to pioneer better health care or help solve or otherwise address environmental issues, and to evaluate and integrate economic and scientific strategies that influence the translation of new biotechnology products to the marketplace. (1.1)
- Critically evaluate information from sources such as databases and published literature to identify novel research ideas and apply strategic and creative reasoning to find solutions or articulate issues related to biotechnology. (2.1)
- Articulate the role and place of bio-business in the economy, with due consideration of global risk perceptions and the legal and regulatory requirements in biotechnology. (3.1)
- Demonstrate a confident independence to identify problems or unmet needs and act to find innovative and creative solutions with an understanding of the social, disciplinary, economic, and contextual barriers. (4.1)
- Display effective and appropriate professional communication skills (oral, written, visual) in order to pitch ideas, generate defensible, convincing arguments or transmit research findings within a multi-disciplinary setting. (5.1)
Contribution to the development of graduate attributes
1. Disciplinary knowledge
An understanding of the nature, practice & application of Biotechnology and translation into a viable Biobusiness. Comprehension of important aspects of biobusiness development, growth and sustainability beyond innovation and investment.
2. Research, Inquiry and Critical Thinking
An understanding of the scientific method of knowledge acquisition. Encompasses problem identification, problem solving, critical thinking and analysis attributes, and the ability to discover new understandings. Students learn how to share ideas and work towards relevant solutions.
As part of Assessment 3, students will need to understand and critically appraise the market needs, research and inquire about the competition and synthesise a plan on how to successfully commercialise a biotechnology into a successful, revenue-generating biobusiness.
3. Professional, ethical and social responsibility
The ability to acquire, develop, employ and integrate a range of technical, practical and professional skills, in appropriate and ethical ways within a professional context, autonomously and collaboratively and across a range of disciplinary and professional areas. This will be particularly important for Assessments 1 and 2.
e.g. Time management skills, write a job application, personal organization skills, teamwork skills, computing skills, laboratory skills, data handling, quantitative and graphical literacy skills. Students are required to manage their time, manage their travel and to integrate a scientific understanding of Biotechnology with the practical constraints of professional work.
An awareness of the role of biotechnology within a global culture and willingness to contribute actively to the shaping of community views on complex issues where the methods and findings of science are relevant. Students will be able to understand and apply a strategy for biobusiness that will make a significant impact on the society in both medical or environmental sciences fields.
4. Reflection, Innovation and Creativity
The capacity to engage in reflection and learning beyond formal educational contexts, that is based on the ability to make effective judgments about one’s own work, knowledge and skills. Reflection on the job application process in Assessment 1 will encompass these learning objectives. The capacity to learn in, and from, new disciplines/experiences to enhance the application of scientific knowledge and skills in professional contexts.
An ability to think and work creatively, including the capacity for self-starting, and the ability to apply science skills to unfamiliar applications. Independence, creativity and self study are required for successful completion of the Safety and Quality Assurance assessment 2 as students must examine a product, understand the product, research analysis techniques, analyze the product, problem solve the situation and intellectually explore the significance of the outcome.
Students will develop creativity in designing a biobusiness model in Assessment 3 that is innovative, acknowledges competition and gaps in the market and meets the needs of the society.
5. Communication skills
An understanding of the different forms of communication - writing, reading, speaking, listening - including visual and graphical, within science and beyond and the ability to apply these appropriately and effectively for different audiences. Students are required to communicate in workshops, collaborate in teams on safety and quality assurance as well as develop successful biobusiness strategy and present the outcome of their learning in oral presentations and written documents.
Teaching and learning strategies
In this subject you will learn chiefly via on-demand lectures, high-quality asynchronous material and in-person workshops designed and delivered by experts in various aspects of Biobusiness. Most of your lecturers have full time industry jobs related to the topics they will be talking about.
Canvas: Recorded Lectures and online learning material
Recorded lectures and associated online learning material will be available through Canvas. Recorded lectures will enhance your knowledge and understanding of biotechnology ecosystem in Australia and worldwide. Online activities will guide you through applying this knowledge. You can test your understanding through self-administered mini quizzes which will provide direct online feedback. This will provide context for early and ongoing feedback. Discussion boards may also be used to ask questions when preparing your written assessments.
Workshops: In-person
Workshops will be delivered face to face in several 2 hour sessions on-campus. Attendance is strongly encouraged to take advantage of a real-time learning environment, group activities and networking opportunities. Workshop material will be directly relevant to each of your assessments. You will prepare for classes by viewing material in Canvas prior to the class and considering how this material would affect your behaviour in the workplace. Are there contradictions or uncertainties that you would like to explore during the class? This preparation will facilitate meaningful and effective participation in the learning activities. Generally the tutor will introduce further information, topics or reading material and invite students to discuss these topics and voice their own opinions.
As part of this subject you will participate in a series of self-directed exercises designed to develop your communication skills, make links with your peers and create the kinds of practices and behaviours that will prove useful in your graduate careers whilst maintaining your scientific knowledge and skills. There will be opportunities for both individual and group/team learning experiences.
You will benefit most from these workshops/lecture material if you are an active participant. There is a lot to be learned from the comments and opinions of your peers.
Assessments
The comprehension and application of the subject content will be assessed using professional practice exercises and reflections, risk assessment, ethical and quality management related reports, and a business modelling and commercialisation plan.
Grading Rubrics will be available on Canvas. You are strongly encouraged to view the grading rubric prior to submission of each assignment.
- Canvas tools will be used for feedback and this will be available via Canvas.
- Assessments are undertaken as you study so you can expect continual feedback throughout the semester.
- Allow at least 4 weeks after the final submission date for feedback.
There is no final examination in this subject.
Content (topics)
In this subject, students will learn how biotechnology is managed as a business entity. The subject will build on the following topics:
1) Introduction to Biobusinesses
2) Career Management Tools in Biotechnology
3) Practical Tools for the Managment of Risks in Biobusinesses
4) Biotechnology Business Models and Strategies for Financial Success
Assessment
Assessment task 1: Professional Development Portfolio and Job Application
| Intent: | This assessment task contributes to the development of the following graduate attributes: 1. Disciplinary Knowledge 3. Professional, ethical and social responsibility 4. Reflection, Innovation, Creativity 5. Communication |
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| Objective(s): | This assessment task addresses subject learning objective(s): 1, 2 and 7 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 3.1, 4.1 and 5.1 |
| Type: | Reflection |
| Groupwork: | Individual |
| Weight: | 30% |
| Length: | Part 1 (Exercises) = <50 words. Part 2 (Reflection) = 1,000-2,000 words. |
| Criteria: | Engagement with the exercise tasks (creation of a professional profile with all fields completed, up-to-date CV and identification of job opportunities). Completion of a reflection on your experiences. Quality of literary expression in the reflection. A grading rubric for the reflection document will be provided in Canvas. |
Assessment task 2: Risk Management Tools: Clinical Trials, Ethics, Quality and Safety
| Intent: | This assessment task contributes to the development of the following graduate attributes: 1. Disciplinary Knowledge 2. Research, inquiry and critical thinking 3. Professional, ethical and social responsibility 5. Communication |
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| Objective(s): | This assessment task addresses subject learning objective(s): 3, 4, 5 and 6 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 2.1, 3.1 and 5.1 |
| Type: | Report |
| Groupwork: | Individual |
| Weight: | 35% |
| Length: | 2,000-3,000 words. |
| Criteria: | Accuracy of answers. Insight into the field. Writing skills. Ability to effectively apply general knowledge and specific biobusiness understanding. Topics may include safety, quality assurance, legislation, ethics and clinical trials management. A grading rubric for the competency assessments will be provided in Canvas. |
Assessment task 3: Business modelling and commercialisation
| Intent: | This assessment task contributes to the development of the following graduate attributes: 1. Disciplinary Knowledge 2. Research, inquiry and critical thinking 3. Professional, ethical and social responsibility 4. Reflection, Innovation, Creativity 5. Communication |
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| Objective(s): | This assessment task addresses subject learning objective(s): 1, 2, 6 and 7 This assessment task contributes to the development of course intended learning outcome(s): 1.1, 2.1, 3.1, 4.1 and 5.1 |
| Type: | Report |
| Groupwork: | Individual |
| Weight: | 35% |
| Length: | Business Model Canvas + Online Quiz |
| Criteria: | Online quiz (5%) One online quiz will be used to assess students' knowledge, comprehension and application of ethics content delivered as asynchronous learning material and workshops. The students will be assessed on: Business model canvas (30%) Students will identify a current health/medical/environmental problem and develop a solution (product or service). To address this, students will briefly describe their selected problem (1 page) and complete a business model canvas using a provided template. The business model canvas on a biotech product of choice will be assessed on: |
Minimum requirements
Students must achieve an overall mark of at least 50% to pass this subject.