Biotechnology - Genomic and Proteomics

Field definition

Simply defined, biotechnology is any technology that relies on living organisms or biological systems. By this definition, human beings have been using biotechnology for thousands of years to produce food products, textiles and other necessary items. Several familiar items -- including yeast-rising bread, yogurt, cheese, wine, beer and vinegar -- are all produced with the help of cultured microorganisms.

In recent years, however, the term "biotechnology" has come to mean the use of genetic engineering and its associated techniques. This more common definition is found in a variety of applications, from medicine to agriculture.

The US biotechnology industry includes about 1,000 companies, with combined annual revenue close to $50 billion. Large companies include Amgen, Monsanto, Genentech, and Biogen. The biotechnology and the pharmaceutical industries overlap considerably, since many drugs are now developed using biotechnology. The industry consists of a few very large companies and many very small ones, and is fragmented by type of product. Most companies have annual sales under $50 million.

Industry overview here: Biotechnology Industry Organization

Key Industry Statistics

Key Industry Figures 2008

Industry Revenue *85,695.4$Mil

Revenue Growth *12.9%

Industry Gross Product *58,539.2 $Mil

Number of Establishments *6,815 Units

Number of Enterprises *6,480 Units

Employment *341,000 Units

Exports *7,251$Mil

Imports *2,954.7$Mil

Total Wages *20,630.9$Mil