Australian Biotech

Introduction

Global consumers want faster acting medicines, bigger fruit, studier crops and all at a cheaper price. These are some of the possibilities of biotechnology. As scientists go on their understanding in the various biological fields, they applied this noesis to design new medicines, to grow pest resistant crops that turn higher yields, and to clean pollution without the use of harmful chemicals. The exertion of biological processes to solve problems and to make useful products is termed bioengineering (Commonwealth bioengineering Ministerial Council 2000). Genentech, credited as being the first biotech guild (Genentech Home Page n.d.), was started in 1976. The company utilised recombinant deoxyribonucleic acid technology to produce medically valuable proteins reliably and efficiently. Biotechnology has been applied across many industries including health and medicine, agriculture, forestry and mining. So omnipresent is the technology that it has become a new diligence. In 2005 thither were over 4000 biotech companies listed worldwide (Greenwood 2005); 200 biotech medicines were on the market with an estimated gross revenue revenue of A$66.5 billion; and 80 million hectares of biotech crops were plant in 17 countries.



These numbers suggest that the industrial natural covering of biotechnology can result in commercially thriving ventures. The industries capacity for innovation and generation of revenue and employment bandage meeting consumer needs has attracted the attention of governments worlwide It has the characteristics of a growth industry that countries are seeking to develop their local industries including Australia (Wells, Coady & Inge 2003). This report comments on the economic health of the Australia biotechnology industry.

Overview of the Australian Biotech Industry

At the rarity of 2005 there were about 400 Australian Biotech companies of which 157 were listed on the Australian Stock Exchange (ASX) with a market capitalization of A$42.4 billion...If you want to get a full essay, order it on our website: Orderessay



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