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Economics Essay

522 words - 3 pages

1.a. Introduction: Case overview
Ventria Bioscience founded in 1993 in Sacrament California by Dr. Raymond Rodriguez a Biologist with the University of California. The company wants to produce a rice product to grow a proteins Lactoferrin and Lysozyme, both are found in human breast milk and can be used to treat diarrhea in children, tourist, military and the treatment of inflammatory bowel disease. (Lawrence and Weber, 2013, p. 515)
The problem that was facing Ventria was getting it through the regulatory process and the stakeholders before it will be used in the market. There have been some ethical issues that where raised by the rice farmers, consumer advocates, environmentalists, and food and safety activists.
If Ventria can overcome the regulatory proceedings and get buy in from its stakeholders, it ...view middle of the document...

Additional, key stakeholder would include the public because they will be customers of Ventria’s product. The key non-market stakeholders involved, with Ventria are the FDA, EPA, and USDA regulation. Ventria need all three of these regulatory approvals to have a saleable product. The Food and Drug Administration (FDA) is responsible for the safety and effectiveness of food and medicines. The Environmental Protection Agency (EPA) is responsible for the safety and effectiveness of food and medicine. Lastly, the U.S Department of Agricultures (USDA), they are responsible for the oversight of genetically modified crops that are being tested in fields. Ventria wants to grow their crops in California they have to be aware of the CRC, California Rice Commission. The California Rice Commission (CRC) is appointed under the Rice Certification Act to review all varieties of rice, to ensure the production and milling of rice be done within the public interest. (Lawrence and Weber, 2013, p. 515-517)




2.
How has Ventria handled its external environment which includes the customer environment, Ventria knows there is a customer need for their product to help children, tourist and the military with treatment of inflammatory bowel disease. As of now Ventria does not have to worry about the competitor environment as there are not other companies working on this research its fairly new to the market. Ventria’s economic environment

Economic environment

Technological environment

Social environment

Political environment

Legal environment


Geophysical environment
















Lawrence, A. T. (2013). Ventria Bioscience and the Controversy over Plant- Made Medicines. In Lawrence, A. T., Weber J., Business and Society: Stakeholders, Ethics, Public Policy (pp.511-521). New York: McGraw-Hill.

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