Final answer:
To assist small biotech businesses in product development and regulatory navigation, government assistance with R&D costs, such as funding and tax incentives, along with ensuring intellectual property rights, and fostering university-industry partnerships are effective tools.
Step-by-step explanation:
The question pertains to tools that could help small businesses develop biotechnology products and navigate the regulatory system. One such tool that could most help these businesses is government assistance with the costs of research and development (R&D). This assistance can come in several forms, such as direct government funding, tax incentives, and forming cooperative relationships between universities and the private sector. These measures can significantly lower the barriers to entry for small biotech firms by reducing the financial risk and enhancing the rate of return on innovations.
Additionally, guaranteeing intellectual property rights through patents and trademarks can give these businesses the confidence they need to invest in the long-term development of biotechnology products. To further incentivize innovation, market-oriented policy tools, unlike command-and-control regulation, could be employed for greater efficiency and creativity in meeting the national goal.
These policy tools not only facilitate the development of new products but also ensure that small businesses are able to benefit from their investments, promoting a healthier economy and fostering the growth of the biotechnology sector.