In the fight against Covid-19, healthcare has taken centerstage. As the world waits in lock-down, biopharmaceutical innovators race against time to find a vaccine and antivirals for Sars-Cov-2 genome. They are the new warriors the world is looking towards.
Biotech has immense scope in today’s world. Think of it not as a standalone field, but something that touches almost all aspects of our lives. It can be applied to a many sectors – from food processing, animal science and nutrition to pharmaceuticals, agriculture, healthcare, as well as environmental conservation. Is biotech the next big thing, and what is future of biotechnology?
What is Biotechnology?
Biotechnology is an interdisciplinary field that covers many areas, which include biology, engineering, physics, mathematics as well as chemistry. It’s really the focal point between these. Simply put – it is a technology that creates a product or a process using a living organism, or a component of it, or any other biological system. This is the simple definition. Biotechnology is actually a broad umbrella term that can mean anything from baking bread (which involves using yeast, a living organism) and reducing wastes to Gene therapy – a technique used to treat genetic disorders. Products developed using biotechnology help improve our lives and the health of our planet by modifying foodstuffs and medicines, reducing wastes and environmental impacts and creating renewable energy sources.
Also, there’s a lot of work being done to find a preventive or a cure for the deadly virus. This further reinforces the critical role biotechnology plays in our lives. When they successfully develop a vaccine for Covid-19, biotechnology will become a key market contributor.
Biotechnology and the Global Market
According to Biotechnology Market Share, Size, Trends & Industry Analysis Report, the global biotechnology market size was valued at USD 449.06 billion in 2019. The report also stated that biotechnology applications in healthcare segment accounted for the largest share in the overall market. By 2026, the biotechnology market is estimated to reach revenue of $741.7bn.
This was pre-COVID, so the numbers could look different now. Although the need for Bio tech would only rise in a post-COVID world.
The reasons behind this big boom can be attributed to a number of factors:
The increasing demand for new drug advancements, and demands in personalised medicines as chronic diseases are rising. The WHO had projected that chronic diseases would account for almost three-quarters of all deaths worldwide as such diseases were ‘expected to increase to 57% by 2020’; the current Covid19 challenge faced globally seems to be an accentuation of the severity of this projection. There is also the rising incidence of persistent conditions such as diabetes and cancer globally that cannot be ignored.
The rise of agricultural biotechnology is another critical factor. The spike in demand for agro-based products (i.e. for sustenance and horticulture items) and the growing need for biotech practices in technical research is expected to provide a big push to the biotechnology market growth.
Then there’s also the perennial threat of more pandemics – as the current Covid19, and those in the past such as SARS, Ebola, H1N1 and MERS have proven. This reinforces the need for biotech companies to constantly be ahead of the curve in helping create an agile healthcare response, and be ready to take on future pandemics.
So, this brings us to our question – Is biotechnology the next big thing? Our answer is, yes, it is.
Whether it is DNA Sequencing or PCR technology, whether it is in Pharmaceuticals or Environmental Sciences, biotechnology touches a broad spectrum across various fields (in Fig 3: Major biotech fields, 2020)
Given its big reach, the industry is estimated to grow at a very high compounded annual rate, and the demand set to increase.
What are the work opportunities in Biotechnology?
A career in biotechnology is not just confined to lab coats and laboratories. It’s a diverse
field and so is its career path.
Some of the popular jobs in biotechnology include:
Process Development Scientist
Business Development Manager
Biotechnology Laboratory Technician
Clinical Research Associate
Quality Control Analyst
Crime Lab Technician
Agriculture/Food Science Technician
All these point to the fact that biotechnology will continue to remain a critical part of the society as it will continue to be used toward the well-being of the society, to improve the quality of life and also to ensure a higher quality of life to our future generations.
If you have the inclination and bent of mind that leads you to a future in Biotech, you should consider it seriously. It has immense scope for employ-ability – now as well as in the future.
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We may use Personal Information or Usage Information collected through the Site in the following ways:
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To enable TC Global to comply with its legal and regolatory obligations;
For the purpose of sending administrative notices, service-related alerts and other similar communication with a view to optimizing the efficiency of the Site;
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We cooperate with government and law enforcement officials and private parties to enforce and comply with the law. Thus, we may access, use, store, transfer and disclose your information (including Personal Information), including disclosure to third parties such as government or law enforcement officials or private parties as we reasonably determine is necessary and appropriate: (i) to satisfy any applicable law, regolation, governmental requests or legal process; (ii) to protect the safety, rights, property or security of TC Global, our services, the Site or any third party; (iii) to protect the safety of the public for any reason; (iv) to detect, prevent or otherwise address fraud, security or technical issues; and /or (v) to prevent or stop any activity we consider to be, or to pose a risk of being, an illegal, unethical, or legally actionable activity. Such disclosures may be carried out without notice to you.
THIRD PARTY CONTENT AND LINKS TO THIRD PARTY SERVICES
We do not include or offer third party products or services on our Site.
Your information will be retained with TC Global as long as it is needed by TC Global to provide services to you. If you wish to cancel your account or request that TC Global no longer uses your information to provide services, you may contact TC Global at email@example.com.. TC Global will promptly delete the information as requested. TC Global will retain and use your information as necessary to comply with its legal obligations, resolve disputes, and enforce its agreements or for other business purposes. When TC Global has no ongoing legitimate business need to process your information, we will either delete or anonymize it.
CONTACT & POLICY UPDATES
CHANGE OF INFORMATION AND CANCELLATION OF ACCOUNT
You are responsible for maintaining the accuracy of the information you submit to us, such as your contact information provided as part of account registration. If your Personal Information changes, or if you no longer desire to access the Site, you may correct, delete inaccuracies, or amend information by contacting us through firstname.lastname@example.org and we will respond within 72 hours of receipt of communication.
You have the right to request that we rectify or delete the personal data or restrict the processing of your personal data, if you think they are inaccurate. Furthermore, you have the right to object against the processing based on our legitimate interests as a legal basis. We are required to assess and act on your request. Additionally, you also have the right to data portability if it shoold become relevant. You have a right to lodge a complaint with your local supervisory authority.
[You may also cancel or modify your communications that you have elected to receive from the Site by logging into your user account and changing your communication preferences.
If you wish to cancel your account or request that we no longer use your information to provide you details with respect to our services and the Site, please write to us at email@example.com.
If you wish to opt out of receiving non-essential communications such as promotional and marketing-related information regarding the Site and our services, please send TC Global an email at firstname.lastname@example.org.
By email: email@example.com
In the event of any grievances, user can contact the grievance officer at firstname.lastname@example.org or write to us at the following address:
The Chopras Global Holdings PTE Ltd
No. 3 Shenton Way
#10-05/06, Shenton House