What's The Role Of Biotechnology In The Global Economy?

GROUP PAPER: What is the role of biotechnology in the global economy?
I. Introduction
At its most basic – biotechnology is the science based on biology, with uses ranging from simply the preservation of dairy products to more complicated issues such as DNA cloning or the making of vaccines. This could be divided into two branches: bio-medical and bio-agriculture. Thanks to biotechnology, currently, there are more than 250 biotechnology health care products available to patients, more than 18 million farmers around the world have access to methods to increase yields, than hundreds of biorefineries are built to produce biofuels and chemicals as well as many other great achievements all around the world.
II. In the past…
1. Bio-agriculture
About

It is predicted that the global agriculture in the next few years will depend heavily on organic farming, a rapidly growing biotechnology equipment in many developed countries. Organic farming has a long history but its sudden contributions to the economy gained itself consideration. In fact, many farmers are currently turning to this type of farming as a main income due to its advantages.
Organic farming is a form of agriculture that uses techniques such as crop rotation, green manure, compost, and biological pest control, apparently all things natural which is 50% less harmful to the environment than conventional farming, not mentioning this will result in better soils and water sources for future use. Due to it all-natural materials, this method will obviously create safer products to human, animals and the environment itself while still be able to develop a sustainable, nutritious food

MacRae, Brenda Frick, and Ralph C. Martin: “Economic and social impacts of organic production systems”, the economic potential of the kind of farming has just begun to bloom. As written in this paper: “ This outcome is usually a product of lower input costs, more diversified production and marketing channels, resilience in the face of variable market conditions, higher premiums, and a better capacity to adapt to weather extremes.”.While that might sound too complicated, it basically means this type of farming is not only cheap but also allows a wide range of products to be created with higher quality products that tend to survives longer in weather extremes. It is logical why the amount of farmers using this method is increasing constantly: it allows farmers to grow crop biodiversively. Therefor, even when a certain type of crop comes out as a failure, the farmer still have others to sell and does not suffer from major loss.However, one disadvantage of the method is that since there are no preservations, products could only be traded in local areas and therefore would heavily affect trades between countries. Still, this method is predicted to become even more popular throughout the world as the majority of population growth is concentrated in the world’s poorest countries and therefore, sustainability and safety is key. So although this method may affect trades between countries, it would be a benefit