Innovation and Biotechnology Essay

Submitted By hkirkendall
Words: 1287
Pages: 6

The Potentials of Biotechnology

As we head into the new millennium, we look forward to advances far beyond what we ever thought possible. Biotechnology and the advances that the research offers are poised to change our world and make it possible for humans to advance in countless ways. From medical research to food production, the future business of biotechnology and all the factors involved offer investors and businesses alike huge amounts of profit potential. Several industries are poised for investors to capitalize in many different venues, and hold extreme amounts of potential. My great hope is that you will gain an understanding of all the potential and incredible power that biotechnology has to offer, from our healthcare, our food, our clothing, our earth-bound industries, and even huge effects on our personal lives.
So what is biotechnology, and what does it consist of? The terms biotechnology and biotech industry are typically used in a casual and imprecise manner. To provide more precision and a common understanding it is important that the following concepts have a more exact definition. Biotechnology itself is considered a group of techniques and technologies that apply the principles of genetics, immunology and molecular, cellular and structural biology to the discovery and development of novel products. The biotechnology industry is comprised of approximately 5,000 private companies, many of whom partner with non-profit and educational venues. They input research and development into several fields, including healthcare, food, industrial processes, and environmental aspects.
Biotechnology, much like digital technology, forces us to reconsider fundamental questions about the nature of life, human agency, and relations between biological and social aspects of the human race. Many points of communication research have examined in depth the issues raised between the connection of biology and technology. The knowledge and understanding of how natural life sustains and develops, coupled with the synthetic technologies created offer a new realm of discoveries and possibilities. As with any new medical intervention, these discoveries carry risks medically and socially. Biotechnology and the innovation process can be considered the result of interactions between different agents’ quest for knowledge, tied together with biology and todays’ technology. It is this quest for knowledge that drives the industry. Although economic incentives drive a huge portion of the research, it is the discoveries of knowledge combined with economic advantage that helps drive the fields of biotechnology. That is why it is critical for institutions such as universities and non-profit research facilities to explore and partner with those within the market place.
Technological innovation process means the process in which agents act to transform new inventions, knowledge, and/or scientific techniques into economic value, coupling it with benefits to society directly. These innovations are driving companies partnered with universities, such as Baxter International. Baxter focuses on biotechnological advances in medicine. The company’s primary focus is on the treatment of diseases related to blood, kidneys, and several chronic and acute conditions. In 2011, their sales hit all-time highs totaling 13.9 billion, much of which is contributed to the biotechnology field and the innovations discovered within their research. In 2009, Baxter international partnered with several universities, including Cambridge and Harvard Medical in an effort to discover new ways to treat chronic conditions such as hemophilia. Their investment was significant to the universities, however yielded them record profits two years in the making. In an interview with Professor Klein from Baxter Pharmaceutical Research, he states “it is our intent to develop new medical treatments utilizing