Knowledge management (KM) approaches have developed traditionally from the knowledge-based view (KBV), a derivative of the resource-based view (RBV). Drawing on the relational and industry structure views, this paper presents a framework for analysing knowledge management practices in the biotechnology industry. These firms exhibit sophisticated and strategic KM practices and deploy a range of strategies in leveraging competitive advantage through their intellectual property practices. The paper demonstrates that the current KBV needs to be modified and extended to reflect current KM practice within Australian biotechnology firms through examining their use and management of intellectual property.