Prospects of the business of biotechnology are therefore usually considered with a long-term outlook. Biotechnology has become a great economic opportunity in the twentieth century and is expected to loom even larger in the twenty-first.
Impact
In a laboratory at the University of California, San Francisco, Herbert Boyer inserted a synthetic insulin gene into a bacterium, E. coli. Boyer later convinced Robert Swanson, a venture capitalist, to invest in a company called Genentech. The term "venture capitalist" would soon become very important. Venture capitalists are individuals who invest in a company to start it up and support it. In 1977 Genentech reported the production of somatostatin, a human growth hormone created by recombinant DNA technology. That moment began a slow trickle of developments that soon became a downpour, involving diagnostic tools and techniques. Universities and fledgling companies entered the biotechnology race. Many consider 1977 the dawn of the "Age of Biotechnology."
Biotechnology's birth, however, was not without labor pains. Reacting to fears, Congress had sixteen bills introduced to regulate recombinant DNA research, but none of the sixteen bills passed.
Other developments came that year. Bill Rutter and Howard Goodman isolated the gene for rat insulin.
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