Issue link: https://industrialmanagement.epubxp.com/i/249982
GM crops in Europe altogether. China also has faced major public opposition to GM crops. The opposition to GM crops in Europe and China, however, is more than offset by their growth in many developing countries. According to the International Service for the Acquisition of Agri-Biotech Applications, "for the first time in 2012, developing countries planted more hectares than industrial countries." This trend is likely to continue because the benefits of biotech crops strongly appeal to developing countries. Biotech crops require less land to grow, are often resistant to disease and drought, and frequently reduce pesticide use and carbon dioxide emissions. Consequently, more than 90 percent of the 17.3 million farmers who grew biotech crops in 2012 were small, resourcepoor farmers in developing countries. The global market value of biotech crops in 2012 was just short of $15 billion. Plans to introduce biotech crops to various Asian and African countries are already in the pipeline. Besides crops, scientists also are altering the genetic sequences of animals. A genetically engineered salmon that grows twice as fast as regular salmon is in the FDA approval process. Scientists also have genetically engineered pigs, goats and cattle for various purposes. For example, the Enviropig digests and processes phosphorous better, making it more environmentally friendly. Industrial and environmental biotech are the newest applications of biotechnology. Industrial biotech aims to create more sustainable manufacturing processes. For example, "green plastics" do not use petroleum in their production and instead use renewable crops. Compared to traditional manufacturing methods, industrial biotech methods produce a lower carbon footprint, create less waste and increase yields, resulting in lower costs. Since the turn of the century, the U.S. and the EU have invested billions in bio-based industrial research. In 12 Industrial Management 2011, DuPont acquired global enzyme leader Danisco for $6.3 billion, making DuPont a leader in industrial biotechnology. For decades, petrochemical companies, such as BP, Shell, DuPont and ExxonMobil, have invested heavily in synthetic biology research to try to develop a renewable fuel source. ExxonMobil plans to invest more than $300 million in Synthetic Genomics Inc. in hopes of developing an algaebased biofuel. Like all progress in human history, there will be setbacks. Until disaster struck in 2012, Amyris was touted as the company that would hoist up the biofuels industry and transform the energy industry. Using genetically engineered yeast, Amyris turns sugar into the liquid fuel farnesene, which can act as a replacement for petroleum-based diesel. Not only does farnesene cut the amount of pollutants from vehicle exhaust pipes, but it is also a renewable resource, unlike petroleum. The mistake Amyris made was in promising to produce a certain amount of farnesene in a given amount of time. Due to technical problems in trying to scale up production, the company failed to meet its 2012 deadline and its stock price, which was once as high as $33 a share, plummeted to $1.45 a share. Going hand in hand with industrial biotech, environmental biotech aims to clean up existing waste. An example of such technology is the use of fungus in cleaning up toxic metals from water polluted by coal mines. 25 years down the road Biotechnology, a global tectonic, is shifting the foundations of healthcare, agriculture, business and government. The discoveries made in the field could solve many global food, health and environmental problems, thus corporations and governments would be wise to keep their eyes and ears open to the developments in the field. Who will be the main biotechnology players The discoveries made in the field could solve many global food, health and environmental problems. 15, 20, 25 years from now? First, healthcare companies, particularly pharmaceutical companies, will continue to prosper as the global population ages and developing nations grow wealthier. According to the United Nations Population Fund, the older population "is growing at a faster rate than the total population in almost all regions of the world." An aging population means more drug purchases. Furthermore, market research firm Evaluate Pharma projects that, in 2014, 50 of the top 100 drugs will have been genetically engineered. As regulation and regulatory agencies catch up to the technological advancements, an unprecedented number of drugs and medical devices will be approved. The real boom in biotech pharmaceuticals in the coming decades will occur in developing countries. The drug markets in developing countries are growing tremendously because of increased wealth and access to medicine, along with shifting disease patterns. China's pharmaceutical market, worth $108 billion in 2005, is estimated to grow to $900 billion by 2020. Additionally, the lower costs needed to produce a drug in developing countries make them an attractive investment. In 25 years, we likely will be living in an era of personalized medicine. With the completion of the Human Genome Project in 2003, the decreased cost of personal genetic studies and an evergrowing genetic database, we are closer to an era of healthcare tailored to one's genetic makeup. Already, biotech has developed drugs for rare diseases previously thought incurable. Through personalized medicine, patients will receive the benefits of pharmacogenomics – the personalization of drugs through the matching of specific gene variations with responses to specific medications – and of gene therapy – the replacement of disease-causing genetic mutations with healthy genes. If we focus less on the bio and more on the tech, we enter into a more