Forecast and Conclusion - Biotech promises to feed the world, reduce environmental harm, expand agricultural markets and production possibilities and create products consumers want (Shoemaker et al. 2003). Farmers seemed to trust and accept the promises. Seed development, chemical and pharmaceutical firms did too, as indicated by the consistent rise in their volume. But American buyers have not expressed their opinion on biotech as they have not been duly aware that they have been consuming products derived from biotechnology. When they become aware of the substantial difference of biotech foods from their non-biotech food products, they would make the decision and determine the future of agricultural biotech in the U.S. As it is, biotech products have been reaping multiple benefits and profits. They help farmers reduce production costs or increase their yields. Only a third of first-generation biotech products have been commercially used, while second-generation ones are mostly foods products, such as enhanced nutritional value, golden rice, and non-food products, such as edible vaccines and environmental clean-up products. American consumers are varied and their reactions to new biotech foods would most likely be varied too. Their demographic characteristics, needs, preferences, income, education, age, family size, time constraints, ethnic background and the prices of goods and services would be determining factors of their reactions. Surveys in recent years reported that consumers demanded proper labeling and safety of bioengineered foods and that most of them did not know much about bioengineering foods and other products. Labeling biotech products...
U.S. policies have inclined consumers to a passive acceptance of biotech products. Consumers want and expect variety, which agricultural biotech offers. It also offers previously unavailable enhancements consumers will want to buy. On the other hand, consumers will be interested in the various types and sources of information on the products on which they will make a decision of acceptance or rejection. The probable judgment on the acceptability of biotech products will still have to be rendered on this vastly-untried field (Shoemaker et al.).
PK = Deltagen Inc. PRXL = Parexel International Corp. Pvt1 = Quintiles Transnational Corp. (privately held) Industry = Biotechnology As of 2005 Source: Yahoo! Finance, April 29, 2007. Figure 1. Financial Performance: Charles River Laboratories vs. Deltagen Inc. And Parexel International Corp. - January 2002 to date. Source: Yahoo! Finance, April 29, 2007. Operating income for 2006 was reported by the company to be $188.2 million compared to $184.7 million for 2005 and its operating margin for 2006
Nanotechnology attempted to show the potential of this new technology and included the wide range of fields that are connected to the concept of the nanometer scale. These include machining, imaging, metrology or measurement, micromachines, instrumentation and machine tools, scanning probe microscopy, fabrication of components, nanoelectronics, molecular engineering, among others. (Journal Review: Nanotechnology) Another important step in the development of this technology in both a practical and theoretical sense was
Executive summary Contemporary Biotechnology has produced considerable contribution to the global farming and health sector. Advancement of several medicines, numerous pharmaceuticals, vaccines making use of recombinant DNA technology has made biotechnology a multibillion dollar global industry. Additionally, PCR centered diagnostics has additionally materialized as a crucial element of the health industry. Because vast majority of the Islamic nations have their economies centered on farming, biotechnology has therefore enormous potential to improve
Pharma Technologies Case analysis Pharma Technologies: A biotechnology firm, Pharma Technologies, developed a competing method treatment erectile dysfunction Pharma Technologies Inc. based in Canada at a major medical research University in February 1999, wanted to develop a product to compete with Viagra which is developed by Pfizer. PTI obtained a patent for developing a revolutionary sexual dysfunctional treatment drug. The company is faced with financial problems to assist it in developing
Other avenues include television, newspapers and magazines, radio, web pages, and people to people exchange. Effective communication should be built on an understanding of the nature of consumer concerns. Information on biotechnology modifications should include the reasons for modification, degree of regulatory oversight, methods and extent of safety verification, and impact of modification on consumer safety and the environment." (Bruhn, nd) According to a report from the Food Policy
Agriculture and New Technologies Agriculture and New Technology Agricultural techniques and technologies have changed vastly over the last several decades contributing to significant improvements in productivity. Today, farming has become a knowledge intensive practice with more than 90% of the farmers across the world using scientific farming methods to minimize their cost and improve their yield. . The cost savings effected in terms of efficient use of fertilizers, herbicides and pesticides under
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