But then I did my business research and found that my mentors are geneticists, and that I should probably become a geneticist myself, because that is where the money is. And so that’s exactly what I did to take my biotechnology industry structure and strategy quiz for me. Now, having done that, I feel that I understand much better what goes on in the pharmaceutical, bivouacking, nutraceutical, biocommerce, food and biodegradable manufacturing, and the rest of the biotechnology industries. I now know the basic functions of the industry and how each of the sub Industries are related, and I can begin to speak intelligently to investors and customers about this.
So, let’s get down to business. You are probably asking yourself, “How well do you think the Pharma industry is going to do, with the new Food and Drug Administration rules and regulations? Will the new regulations hurt Pharma sales?” Well, you know the old saying – the proof of the pudding is in the tasting. So let’s discuss this and look at how the new FDA regulation changes will affect the pharmaceutical industry in the future. Let’s see, since I’m not a pharmacist, but I have some industry experience.
First, I predict that the FDA’s new regulation on biologics will cause biopharmaceutical research and development costs to skyrocket, which will lead to a reduction in R&D budgets, and this will hurt small biotech companies and smaller companies that don’t have deep enough pockets to develop blockbuster drugs. The FDA will also likely tighten the safety requirements for biologics, which will force biotechnological companies to do more safety trials. Second, my modeling and scientific analysis indicate that the new FDA regulation on biotechnology will raise crop production costs, since the plants that make those crops will need more water, fertilizer, etc., and their overall productivity will fall. I suspect that even if they do increase yields, it will be at a slower rate than the past, due to the expense of extra land. Finally, I think that there may be additional cost when it comes to importing genetically modified crops from other countries that have legalized those transfers.
Now, let’s talk about the Food and Drug Administration. They are definitely acting in the best interests of the biotechnology industry, because they want to keep GM crops and biobutanol production as localized as possible. It will also help them regulate the industry better. However, I suspect that they have underestimated the political will needed to re-regulate this industry, and their ability to enforce those regulations. Perhaps a study needs to be done; but my hunch is that they may find that the political will simply isn’t there to re-regulate the biotechnology industry, at least not in the form of a nationwide policy.
If we cannot have a national biotechnology industry, then what can we do? Well, my biotechnology industry strategy model suggests that we need to build an independent organization that will lobby aggressively for these policies. We should then build an organization that represents the biotechnology industry in Congress, with a full staff of scientists and engineers. Then we should run advertising campaigns that highlight the fact that the biotechnology industry cares about the environment, the health of Americans, and the well being of our food supply. The message should be loud and clear that GM crops are here to stay – thank you very much.
One of the reasons that I feel that it is so important to take my biotechnology industry strategy quiz is that if we do not re-regulate this industry, we may find ourselves heading for a serious crisis. Already there are rumors that genetic modified foods could cause serious health problems, and that they may even be responsible for some types of cancer. It is not going to be pretty if this continues to happen. If we fail to protect our food supply from these radical fringe groups, it could really hurt us economically and lead to some major shortages and black swans.
So, how can you make sure that the biotechnology industry stays on track? Well, you need to make sure that the organizations that you choose to work with are following sound biotechnology industry philosophy and practice. You also need to make sure that they are following the standards set forth by the US FDA, which is the governing body that regulates the biotechnology industry. In other words, if you are planning on taking a biotechnology business management course at a major university or college, make sure that the professors are focusing on issues like these. The more that the industry learns about these things, the more secure we will be as a whole as far as the future of this exciting industry is concerned.