Improving the value chains of companies operating in the biotechnology sector in the context of the circular economy

Abstract

The biotechnology-based industrial sector is not only rapidly expanding, but also one of the most promising in the world. Currently, the world, like biotech companies, is trying to move from an outdated linear economy to an advanced circular economy. The concept of the circular economy originated from the theory and thought of ecological industrial development. This economy is based on the mutually beneficial principle that a clean economy and a good environmental condition can coexist. A circular economy is recommended as an approach to economic growth consistent with sustainable environmental and economic development. The transition to a more circular economy provides an opportunity to create a sustainable, efficient and competitive economy. The circular economy provides an alternative flow pattern to the economic system, which is cyclical. As the circular economy is new, general guidelines for the development of a circular production model have been published, with existing design and implementation gaps to be addressed. Based on theoretical aspects of improvement of value chains in the circular economy, analysis of scientific literature and statistical research methods. an expert survey is conducted, which explains the trends in the improvement of value chains. Problems that prevent biotechnology sectors from transitioning to a circular economy are identified and a solution is proposed.