The Rise of Biotechnology as Big Business
Overview
Biotechnology emerged as a big business in the last quarter of the twentieth century. The year of its birth was 1977. The promise of biotechnology has been compared to that of alchemy, which in the Middle Ages sought not only to turn lead into gold but to find the secrets of life itself. Biotechnology-related research is mushrooming not only in the field of medicine but in such areas as agriculture, fuels, plastics, the environment, and mining.
The meshing of science with business, however, is not without its problems. While scientific investigations may be done within an academic setting, the problems involved in taking these findings and making practical use of them are legion. This goal requires investment of capital in firms that will produce and package a product. The question of patents also arises. With an invention such as a car device, for example, there are no ethical problems, but with genes and organisms the situation is completely different. A legal and ethical debate has arisen over who can own genes and over issues of technology transfer. In the meanwhile, the business of biotechnology has added new phrases to the English vocabulary, including "research and development" (R & D), "technology transfer," and "venture capital."
Background
Scientific discoveries often wait many years before being used.
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