Internationalization of COVID-19 Vaccine Using the Biotech INVs Model

Abstract

The purpose of this multiple case study is to explore the internationalization processes, patterns, and behaviours of BioTech firms producing a COVID-19 vaccine using the Biotechnology international new ventures (BioTech INVs) model as a conceptual framework. The sample consists of eight BioTech firms producing a COVID-19 vaccine, which is approved in at least one foreign market besides the home market in March 2021. The findings suggest that the sample firms are able to identify and to scale international market opportunities early and fast using different market entry modes, networks, and access to capital with governments, civil society, and within their own industry. The findings of our study contribute to the research about BioTech INVs and the speed of internationalization. We call for further qualitative research including interviews with subject-matter experts to better understand the internationalization behaviour of BioTech firms producing a COVID-19 vaccine.