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Biotechnology Essay

520 words - 3 pages

Biotechnology has become a big business in the United States, over the past few years. It is spreading across the United States, a few small hot spots, called biotech clusters, have captured the nation's majority of the nation's biotech business. Other states have wanted to join the list. 41 states have committed a total of $18 million to attract and develop biotechnology. More than 80 percent of local and state economic development agencies named biotech as one of their top two targets for industrial development. Regions with a significant amount of biotech companies venture capital during the past three years. Many San Diego are trying to lure biotechnology and attract other high-wage professionals to support the industry. ...view middle of the document...

Arizona has invested nearly $140 million to establish a biotechnology sector. St. Louis philanthropists and businessmen have raised more than $284 million in venture capital during the past three years. Analysts from the Battelle Memorial Institute surveyed state biotechnology initiatives around the country and reached a similar conclusion. The industry is growing rapidly, sprouting many branches that will eventually create biotechnology centers around the globe. The big twist in the biotechnology industry is that all this hope and attention is focused on an industry that is a gamble. Last year, the US biotechnology industry lost $11 billion of investors' money. Only one in one thousand patented biotechnology innovations leads to a successful commercial product. The process is so long and expensive that it takes about 15 years and around $18 million, that many companies go through their cash and fizzle before they get close to their first marketable product. In California, the state with the most companies devoted to life sciences, the average biotechnology worker earns $67,500 annually, despite the risky business. In 1999, the industry created 150,000 direct jobs nationwide and 287,000 indirect jobs, according to a report by the Accounting and Consulting Firm Ernst and Young. It produced 20 billion of direct revenue and 27 billion indirectly, and it paid 10 billion in taxes to all levels of government. I think that biotechnology is a great way for the world to advance and create new innovations. If it is creating so much revenue and so many jobs then there should be no dispute over it. The U.S. could change the world with this technology.

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