The
biotechnology industry is fully research based and this intensively research based sector yielded revenues worth $50.7 billion in the year 2005. $19.8 billion was spent for research and development by the United States Biotechnology industry.
Biotechnology industry and the economy:
Various activities related to life sciences as well as the biotechnology industry recruited 1.2 million individuals in the year 2004 in the United States of America. In addition to the 1.2 million job opportunities, 5.8 million job openings associated with the biotechnology industry was also created. Average yearly salary of the individuals employed in the biotechnology industry was approximately $65,775 in the year 2004. The biotechnology industry brought finances worth in $20 billion in finances in the year 2005. Market Capitalization of the biotechnology companies which traded publicly stood at $410 billion as on 31st December, 2005.
Role of the biotechnology industry:
- 200 plus vaccinations, products, therapies have been created by the biotechnology industry to combat cancer, autoimmune syndromes, diabetes, HIV/AIDS etc.,.
- Biotechnology industry has developed several environment friendly products treating elements which pollute the environment.
- Biotechnology is also used in industrial houses for the optimum usage of the various forms of energy.
- Biotechnology industry also plays a significant role in taking forensic science ahead by using methods relating to DNA fingerprinting.
For more information on the biotechnology industry one may browse through the links given below: