Biotechnology has wide application in the global market. While other countries primarily use their biotechnology resources for pharmaceuticals and diagnostics, the United States of America has discovered many other usage points for this innovative branch of science.
Biotech in the US has been found to be useful in health, food and agriculture, and industrial fields. All these sectors have experienced a production rise with the help of biotechnology and the favourable results have led to great contributions towards the global economy.
Biotechnology in health, agriculture and industrial sectors
Biotechnology in health has led to increased production in pharmaceuticals, diagnostics, dietary supplements and cosmetology. In agriculture, it has been found helpful in creating medication used to alleviate animal and livestock symptoms. The industrial market found the tech useful for creating industrial enzymes, biofuels and waste treatment and disposal.
Biotechnology and employment in the United States
As a huge contributor of 30% to the American Biotechnology sector and the overall global market, Biotech has also created an increased demand in manpower and has opened up many opportunities for US citizens. In fact, market research states that there are a total of 2,349 public and private Biotechnology companies in the country, providing an average annual salary to its workers of up to USD 88,000, more than double the average US wage.
Biotechnology research and development
In 2013, capital funding for research and development in Biotechnology was granted by the National Institutes of Health (NIH). Market research showed that Boston received the highest grant and venture capitals, followed by San Francisco. While the Midwestern state led the pack in research, pharmaceutical was led by the East, with New York as one of the leading states with the highest production count. In Biotech usage in the Agriculture industry, Chicago was the leading state in terms of the production.
In the period 2009 to 2013, pharmaceuticals and medical devices were the most patented classes in US Biotechnology. In 2014, US dominated as the leader in Research and Development Investments in Biotechnology. Ever since, US Biotechnology research and investment has been growing at a steady rate.
An important ingredient in the development of the Biotech industry is proper research materials. This is vital to ensure that the business provides efficient backing to ventures. Universities and other research facilities play important roles in the Biotechnology value chain.
Academic research is funded by grants such as the one given by NIH, and the transfer of technology occurs afterwards. Once approved, all research findings and innovations are transferred to manufacturers for development and commercialization.
United States Obesity and ophthalmology
There have been great amounts contributed in the funding of one of the costliest diseases in the country, obesity. According to a statement released by the House of Representatives, within the next decade, one of every five dollars spent on healthcare will be towards obesity and obesity-related diseases.
In fact, venture capital and funding for research has been focusing on curing metabolic diseases, with 25% movement from 2004 to 2013. Ophthalmology cases follow, with movement of 10% within the previously mentioned timeframe.
Hence there is wide scope within the Biotechnology sphere in the US, whether it’s within the health, agriculture or industrial sectors, with obesity presenting a wide market of opportunities. Research continues and investments are welcome in the attempt to utilise Biotechnology to find solutions to numerous problem areas. For in depth market research, it would be helpful to engage the services of a professional for sector specific data.