| The definition is broad, and the applications of biotechnology are potentially unlimited. Today biotechnology plays an important role in human health care (sometimes referred to as "red biotechnology"), and has already helped design many new medicines and diagnostic tools. Biotechnology is also used in agriculture ("green biotech") in plant-tissue culture and assisted breeding, and of course in the more controversial genetically modified crops. Industries may also use biotech as a tool for the mass production of goods like chemicals, drugs, and food products, or to carry out valuable processes such as degrading waste. These uses, collectively, are often called "white biotech." Given how much money there is in the industry, it is not surprising that biotech is most prominent in drug discovery and pharmaceuticals. According to Biotechnology in Europe: 2005 Comparative Studies, a report written by Critical I Limited for EuropaBio, 60% of the biotech companies in the United States were in the human health care sector in 2003, and 51% in Europe. Today, the vast majority of new venture-capital investment in biotech goes to companies working in the "red" part of the industry. So when it comes to careers in biotech, health care is dominant. But red biotech is not the only player. As many as 33% of U.S. biotech companies, and 35% of their European counterparts, are dedicated to providing services. Five percent of the biotech companies in the United States, and 7% of the European ones, worked in the food and agricultural sectors. In the United States, only 2% of the biotech companies worked in the environmental sector, compared to 7% in Europe. What's the Job Market Like?
According to the EuropaBio report, the United States counted 1830 biotech companies in 2003, employing some 172,400 people and investing the equivalent of |
