Biotechnology is, by far, the most significant industry with a more untapped economy. The Microsoft founder shared the same sentiment in 2017, where he indicated that the next wealthy person would be from the biotechnological industry. The market is still unaccepting of the biotechnology and some products they make, for example, the case with the outlawing of both human cloning in 2003. The use of the gap and the increasing need to employ the resources into a constructive economic value makes marketing of the products much profitable (Rabinow, 2011). The biotechnological industry is a resource that still needs investment and more so marketing.
The marketing of the product at the moment cannot be any better. The advancement in technology gives opportunities to new products. Most of the healthcare revolves to personalize healthcare, and most of the companies get into the biotechnology industry because of the broad scope of its market. Making personalized healthcare will not limit the production, and giving out of healthcare becomes kinetic (Rabinow, 2011). Moreover, the prices for drugs rise continuously due to several failures in the research and development of a new product. The reduction of research and development failures would help with the production of the drugs at a lower price than it reaches several people.
At a time when sustainability campaigns heighten using biotechnology in sustaining the growing population would affect a broader market. The company would help with the modification of the products helping in the effects of climate change through modification of the products and helping in the advent of the second green revolution (Rittmann, & McCarty, 2012). The industry has seen editing of genes to come up with products that are effective for increasing yields in crops. Besides, the biotech is currently working on the product for an alternative energy source.
Rabinow, P. (2011). Making PCR: A story of biotechnology. University of Chicago Press.
Rittmann, B. E., & McCarty, P. L. (2012). Environmental biotechnology: principles and applications. Tata McGraw-Hill Education.
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