Understanding the emergence and evolution of new business models in the UK regenerative medicine sector

Geoffrey Banda, James Mittra, Joyce Tait, Andrew Watkins, Omid Omidvar

Research output: Contribution to journalArticlepeer-review


This paper identifies, characterises and analyses six evolving regenerative business (RM) models in the UK based on 10 cases we studied. Our conceptual framework extracts four key elements from contemporary business model and value chain literature; architecture/structure, value creation and extraction, networks and linkages, and governance. Using the case study method, we identified the following business models: materials and service provision; early exit: Phase I/II; manufacturing and scale up; translational services; virtual; and integrated. All the business models are still pre-revenue, except for manufacturing and scale up which generates revenue from contract manufacturing therapies for clinical trials. The RM sector is still evolving and consequently the business models are still in flux. Two key challenges for the sector are scalability and sustainability, which creates challenges for pre-emptive policy and practice interventions. We conclude that pre-emptive policy design should support value chain upgrading, paying particular attention to short, medium and long-term sustainability of the RM innovation eco-system, especially evolution of a broad base of SMEs that can take over when public funding is withdrawn. A proportionate and adaptive regulatory environment will be critical to supporting evolving business models even as value chain upgrading occurs.
Original languageEnglish
Pages (from-to)320-333
Number of pages14
JournalTechnology Analysis and Strategic Management
Issue number3
Early online date13 Nov 2019
Publication statusPublished - 2021

Bibliographical note

This is an Accepted Manuscript of an article published by Taylor & Francis Group in Technology Analysis & Strategic Management on 13 Nov 2019, available online at: http://www.tandfonline.com/10.1080/09537325.2019.1685087

Funding Information:
This work was supported by Economic and Social Research Council [grant number ES/L002779/1].


  • Business model
  • innovation
  • innovation ecosystem
  • value chain upgrading


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