Biotech companies create products that benefit humans, such as medicines and therapies that may save lives, increase yields in agriculture, and produce eco-friendly chemicals and fuels. Bioinformatics is also a part of it, which involves the study of biological information and processes and can be applied to various industries.
Biotech began in the early 1970s, when recombinant-DNA technology (genetic engineering) was invented and later patentable. This technique allows scientists splice genes in production cells which then begin to produce important protein molecules.
Biotechnology is widely used in the target-discovery programs of most pharmaceutical companies today. Smaller companies are also in the industry that use exclusive techniques to develop new therapeutic drugs.
Other biotechnology-related applications are being explored by companies that focus on agro biology, cosmetics and food technology, industrial biotechnology and nutraceuticals and the field of veterinary medicine. Fully integrated Pharma companies are big commercial companies that study and produce, as well as sell generic or brand name drugs and medicines.
Biotech is going through a transformation because of the advancement of technologies. Companies can now test their products against conditions that have well-understood mechanisms, like sickle cell anemia, and can reach broader patient populations. Some companies are even trying to design novel therapies which address unaddressed illnesses, like Duchenne muscular dystrophy, which is a fatal illness.