"Five pages minimum, submit by...to Prof Ismail Saadoun via post pigeon hole in W8-118." 1. "Biotechnology Workforce & contribution of Biotechnology to the Global Economy" 2. "Big Mega Biotechnology Companies and their success" 3. "Biotechnology Timeline in the last 10 years (2010-2020)"

Biotechnology Workforce and contribution of Biotechnology to the Global Economy Introduction: The word biotechnology comes from the word's biology and technology. It was first used in the year 1919 by Karl Markeya Hungarian engineer. It means a technology that utilizes biological systems, living organisms or parts of these organisms to produce different products. There are different definitions of biotechnology which focus on different aspects of this domain, such as integration of engineering sciences and natural sciences in order to achieve application of organisms, cells etc. so as to create desired products. It has also been defined as a technology based on biology, it harnesses different processes such as cellular and biomolecular processes to develop various products which help us in improving our lives. To understand the context and use of biotechnology in our daily lives consider these examples; production of cheese is a result of a biotechnology process wherein a combination of microbial physiology and enzyme biochemistry is used to convert liquid milk into flavored solid cheese and then the process of bioseparation and biotransformation results in a major by-product, whey, the very same whey which is used in nutritional supplements and is used widely across the world. In fact, it is biotechnology which results in the formation of products which we use in day to day lives such as bread, yogurt, alcoholic beverages. So far, this essay has focused on the meaning of biotechnology, its presence in our daily lives, but this domain is quite big and has an impact on the global economy as well. There are many key macro areas which are dependent on biotechnology. The first of such areas is vaccination where biotechnology plays a major role. Vaccine is a biological substance which helps the immune system by introducing a weakened disease-causing organism or its surface protein in the body. Biotechnology has revolutionized this field and has immune human beings against many diseases over a period of time. Below is the image depicting the same. (What is biotechnology?) Another major area in which biotechnology has been at the core is in fuels, where it has been instrumental in streamlining the fuel system in chemical processes namely manufacturing, as well as improving the efficiency in manufacturing processes. In addition to this biotechnology also helps in manufacturing of biofuels which lowers our dependence on traditional sources of fuels and also reduces impact of greenhouse gas emissions on our environment. It also helps in reducing waste. Third major area where one can see the impact of biotechnology is in farming, especially with regards to crop resistance. Biotechnology makes crops insect resistant; it increases a crop’s resistance to herbicide leading to practices which are sustainable and environment friendly. Biotechnology also helps in producing foods which have more nutrients compared to the original version and as such helps the world in fighting against nutritional deficiency. It allows for practices which are farmer friendly and allows for less wastage. Below we see an image depicting the same. This essay has looked at various aspects of biotechnology so far, ranging from its history to its definitions and its uses in day to day lives as well as at a global scale in major areas. The purpose of such introduction was to set a platform for the two key aspects this essay will discuss. These two aspects are at the core of biotechnology and opportunities in this field, the upcoming part will focus on major aspects related to workforce in the field of biotechnology as well as its contribution to the global economy. (The impact of biotechnology 2019) Main Body:Biotechnology Workforce and contribution of Biotechnology to the Global Economy The Biotechnology industry is growing at a fast pace. This growth is not just limited to the valuation but also to the number of companies. To put the growth context in numbers, The global size of the biotech market was valued at USD $1,023.93 billion in 2021. This is forecast to reach USD $3,879.52 billion by 2030. Currently, the biggest market in this industry is North America which has close to 40% of biotech companies, however in coming years it is likely that Asia will see more growth in this field. Coming to the specific issue of employment in this field, the boom in this industry means that there will be more employment opportunities, however a specific kind of talent is required in this field. This is so because this field requires an element of creativity, an element of curiosity, an element of very specific knowledge, the zeal to learn every day and be able to work without any immediate rewards. In addition to this there is a mobility aspect where people may need to travel to different locations frequently to be part of research work. The United States of America provides the highest number of employment opportunities in this field with close to 3,50,000 people in the USA employed in this field, the average annual employment growth rate in this industry is 5% which showcases how quickly this industry is growing. When one talks about leading global players in this field, Novo Nordisk A/S(NVO) which is a multinational corporation based out of Denmark with a revenue of $18.3 billion and net income of $5.8 billion as per 2020 reports. This organization’s focus is on diabetes care, hormone related issues and it produces several kinds of drugs under its various sub brands to fight off these issues. Novo Nordisk A/S(NVO) is followed by biopharmaceutical company Regeneron Pharmaceuticals Inc. (REGN) which also operates in the area of treatment by providing drug remedies for various diseases, these two are followed by Alexion Pharmaceuticals Inc. (ALXN), Vertex Pharmaceuticals Inc. (VRTX), Jazz Pharmaceuticals PLC (JAZZ). The interesting thing to note here is that all of these companies operate majorly in the field of pharmaceuticals and as such this is an area which generates a lot of revenue for companies. The main points we can take away from this discussion around the biotechnology workforce are all related to how this industry is growing and still has huge potential to be unlocked. The critical nature of work in this field means that there is huge scope for talented individuals to realize their potential and do something which is purpose driven and can change the world for good. (Reiff, 10 biggest biotechnology companies 2022) The discussion around workforce related trends in the field of biotechnology has already provided certain points as to this field’s contribution towards the global economy. The important point to keep in mind when one talks about biotechnology is that this industry not only generates revenue in itself and contributes to the global economy but also has a key role to play in other industries. In the previous part, the size of this industry in terms of revenue was discussed but how does it impact the global economy? How does biotechnology play a key role in unlocking potential for other industries which ultimately drives their growth? How does investment in the field of biotechnology help countries to achieve economic progress? These will be some of the key questions which will form the bulk of the next part of this essay. The biggest strength of biotechnology lies in its ability to increase the standard of living. It helps human beings in several ways. To state the obvious, health is one of the key aspects when it comes to growth. Imagine a world which is deprived of growth. Imagine a country which does not have access to drugs and vaccines to tackle diseases. In fact, there are many nations in this world which do not have access to important vaccines and drugs and it is no coincidence that these nations do not have a prospering economy. Without any focus on treating the deadly diseases owing to lack of resources or other issues, these nations are not able to have a healthy and productive workforce which can contribute to the economy of their nation and also help in bettering the global economy. In the same way, when one looks at the issue of farming, this industry plays a key role, better crops mean more benefits for farmers, less wastage and more nutritional value. What does this all lead to? This all leads to a prosperous society, where people have access to better nutrition and farmers get better value for their work. Similarly, when one looks at the issue of fuels, biofuels lead to less pollution, less damage to human lives and less damage to the environment. Again, the standard of living is raised in this way. These are few examples to showcase how biotechnology creates an environment which leads to better standard of living which in turn leads to a workforce which is healthy and more productive. Biotechnology besides raising standard of living also helps the global economy by unlocking potential for other industries. Consider a very small example of cheese production. It goes through a process involving aspects of biotechnology as explained earlier in this essay and as such it has opened a new avenue for the dairy industry, something which is as popular as cheese is a gift of biotechnology to the world and as such it helped the dairy industry unlock its potential. The same way when we look at the case of streamlining processes and creating a manufacturing process which is more efficient, it saves a lot of cost and as such allows these industries to unlock their potential. This is how biotechnology unlocks other industries’ potential and as such helps significantly in the global economy. The third aspect is in terms of how investment in this field helps countries to actually have significant returns in the long term which enhances the prospects of the economy. This is possible because an individual who goes in this field contributes much more to the world than the cost incurred on their education or training. Summarization and Conclusion: This essay looked at various aspects of biotechnology, it started with looking at the meaning of biotechnology, its uses in day to day lives as well as at the major macro levels. Post this, this essay looked at the workforce trends in the field of biotechnology which was followed by its significant contribution towards the global economy in direct and indirect ways. What one can take away from this essay is the significance of biotechnology as a subject as well as the huge potential present in this. Individuals looking to make a career in this field will not be disappointed owing to the significant meaning this field provides to its practitioners.