This paper offers an overview of the origin, evolution and main features of the biotechnology industry, putting particular emphasis on the behaviour of one key actor – the dedicated biotechnology firm. It starts with a brief historical background detailing the origin and dynamics of the industry, which is followed by a more detailed examination of the firms’ strategies, business models and networking behaviour. It concludes with a discussion on the constraints and opportunities faced by firms operating outside the main centres of knowledge production and business in biotechnology, as is the case of dedicated biotechnology firms located in Portugal.