THEE ECONOMICS OF BIOTECHNOLOGY
The Economics of Biotechnology: Balancing Innovation and Affordability Biotechnology stands at the forefront of modern science, offering solutions that could redefine healthcare, agriculture, energy, and environmental sustainability. From gene therapies that promise cures for once-untreatable diseases to genetically modified crops that strengthen global food security, the potential is vast. Yet, behind every breakthrough lies a complex economic reality: how can societies encourage cutting-edge innovation while ensuring that these technologies remain affordable and accessible? The High Cost of Innovation Developing biotechnological products is both expensive and time-intensive. Research and development (R\&D) can take years sometimes decades of laboratory work, clinical trials, and regulatory reviews. In healthcare, bringing a single drug to market can cost over $1–2 billion, especially when accounting for the many candidates that fail during trials. ...