Biotech is a beneficial interaction of science and innovation (Ranade, 2008). It is seen to enhance the personal satisfaction in two different ways: (1) through additions from the social estimation of its items, and (2) as a motor of economic development and advancement (Ranade, 2008). Biotech has impacted almost all aspect of human life. Sub-Sectors in Biotechnology industry Biotechnology is broadly classified into three:
INDUSTRY PROFILE The pharmaceutical sector- globally and in India- has been evolving rapidly. This industry has witnessed rapid transformation and growth. Especially in India, the growth has been significant. Starting from a rather small amount of Rs. 10 crore in the late 1940s, the pharmaceutical industry registered a turnover of over 6 billion dollars, as of 2004.
PORTERS FIVE FORCES ANALYSIS - PHARMA INDUSTRY Using Porter's Five Forces we can analyse the scope of the pharmaceutical industry. It looks into five factors namely, competitive rivalry, threat of new entrants, threat of substitute products, bargaining power of suppliers and bargaining power of customers. " Competitive rivalry: The pharmaceutical industry is highly fragmented with almost 3,000 pharma companies and 10,500 manufacturing units. Due to increasing demand of high-quality drugs, low-to-moderate entry barrier to the new entrant, the presence of a number of large and small firm this market is highly competitive. With more drugs going off - patent, growth opportunities for the industry are expected to increase dramatically as generic
Impacts of Technology on Health Care System The structural, organizational parts and the mode of delivery have been positively altered by technological advancements. The integration of technology has made a lot of improvements in the health care sector by making it easier for doctors to give services for and the patients to be able to access quality health care with fewer problems. The major areas that have benefited from technology in the health care sectors include cancer treatment and research. Technology is defined as a way of doing things. Modern technology has changed the way many things are done.
The Indian pharmaceuticals market stands third in terms of volume and 14th largest in terms of value. In the Global Pharmaceutical Industry the total production of the sector is 20% in terms of vol. and 1.4% in terms of value. India is the leading supplier of generic drugs globally with the Indian generics accounting for 20 per cent of global exports in terms of volume . One of the major characteristics of this industry is that it is highly fragmented.
Areas like biotechnology, pharmaceuticals, information technology, the development of medical devices and equipment, and more have all made significant contributions to improving the health of people all around the world. Medical scientists and physicians are persistently carrying out various researches and experimenting with new techniques to help prevent, diagnose, and cure diseases and also developing new drugs and medicines that can lessen symptoms or treat ailments. One of most vital ways through which technology has benefited the healthcare sector is through online databases that can accurately predict medical trends. Uses of Big Data in Healthcare: • Plan care for individuals and populations, including predictive disease management. • Define and apply best practices to reduce readmission rates.
Nowadays, biotechnology are widely implemented in our daily life without us noticing it. We still used biotechnology in food production and medication purposes. However, the way we use it has change but the objective is still the same where we want to get a better product for human being and other living things. For example, in food production aspect, there are some scientists out there trying to develop plants that can resist to pests by producing pesticide themselves. The plans are successfully carried out by changing the DNA of the plants so that they can produce pesticide themselves.
There are potential health, economic and business benefits. Such are their rewards which includes curing diseases, increasing food supply and improving life quality. New promising research and discoveries will open doors for more investors and alternately will boost the economics value of a country. Those income can be used to develop the country involved in. Where else the income from food technology and industry can be used to increase the food production and more industry can be built.
The major disadvantages of nanotechnology for its quick commercialization are : • Some of the important applications of nanotechnology in agriculture, food industry, water purification, renewable energy & storage, cloths & fabrics, automobiles, cosmetics, computer technology, consumer goods, medicine & health, and aerospace sector are listed below along with some of the predicted products to be commercialized in these sectors. (a) Nanotechnology in agriculture industry : (b) Nanotechnology in food industry : Applications to the agriculture and food sector are relatively recent compared with their use in drug delivery and pharmaceuticals. Smart delivery of nutrients, bioseparation of proteins, rapid sampling elopment of biological and chemical contaminants and nanoencapsulation of nutraceuticals are some of the emerging topics of nanotechnology for food and agriculture. Advances in technologies, such as DNA microarrays, microelectromechanical systems and microfluidics, will enable the realization of the potential of nanotechnology for food applications (c) water purification
“Biotechnology is a frontier technology which has the potential to provide very substantial benefits to society in a wide range of sectors such as agriculture, medicine and health, foresty, animal husbandry, environment protection, and improving the quality of products and services.” (Visalakshi, 2008) Biotechnology is essentially the use of biological processes, systems or living micro-organisms to make new products or to modify existing ones, these are intended in improving the quality of human life. Biotechnology refers mainly to more traditional and familiar methods, such as fermentation for the production of wine and cheese, mating or even cross breeding, which has been used