Biotechnology

Biotechnology is the use of living systems and organisms to develop or make products, or "any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use" (UN Convention on Biological Diversity, Art. Depending on the tools and applications, it often overlaps with the (related) fields of bioengineering, biomedical engineering, bio manufacturing, molecular engineering, etc. The biotechnology market is mainly driven by favorable government initiatives, increasing economic conditions, easily accessibility of funding for R&D, increasing use of biotechnology in medical sciences and agriculture. The global biotechnology industry is molded by growth of flexible clinical trial designs, healthcare reform legislation, growing use of healthcare infrastructure, medical device and pharmaceutical taxes and greater involvement of private companies in biotechnology market. In recent years, the biotechnology industry has been defined by a number of mergers and acquisitions as well as several companies going public. Biotechnology draws from bimolecular and cellular processes to formulate products ranging from drugs to industrial enzymes. The global biotechnology industry currently features over 250 products for healthcare alone. Likewise, biotechnology also increasingly finds uses in the agriculture sector to protect crops against pests and insects. The use biotechnology in formulating new grades of bio based fuels is currently an area witnessing considerable attention.