Biotechnology and the Bioeconomy
How advances in gene editing, synthetic biology, and biomanufacturing are creating a new economic sector with profound implications.
The Biotech Revolution
Biotechnology is entering an era of practical economic impact. CRISPR gene editing, developed in 2012, allows precise modification of DNA at a fraction of previous costs. Synthetic biology enables the engineering of organisms to produce fuels, materials, food ingredients, and medicines. The global bioeconomy was valued at roughly $4 trillion in 2023, spanning agriculture, pharmaceuticals, industrial chemicals, and energy.
The COVID-19 pandemic demonstrated biotech's potential. Moderna and BioNTech developed mRNA vaccines in under a year -- a process that previously took a decade. The mRNA platform can be adapted for cancer vaccines, rare diseases, and potentially universal flu vaccines. The pharmaceutical industry has been transformed: biotech companies now account for most new drug approvals.