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Benefits of Biotechnology

Major consequences are visible in the areas such as insect-resistant crops, herbicide-tolerant crops, virus-resistant crops, crops with improved composition (specialty oils and starches), modified crops to produce high-value specialty chemicals, and novel hybridization systems (Renkoski, 1997). All these suggest that there is a dynamic shift in the biotech firms and any firm that wants to have sustainable competitive advantage has to bring about changes in its operations and its marketing efforts. Biotechnology is being used to modify crops for improved or tailored end-use characteristics (Renkoski, 1997). Hybrid crops can be produced using biotechnology which means there is reduced dependency on chemical pesticides. Through the manipulation of genes, it is possible to lead the plants and animals to require less feed or fertilizer and yield more food and fiber. It can help to alter the chemical composition of plants and animals to improve the nutritional value of food obtained from them. Biotechnology offers the potential to produce cheaper tastier foods. For instance, to make tomato puree the tomatoes can be genetically modified which slows down the action of the enzyme and more of the thickening agent pectin can be retained (Ahson, 1997). The food processors find savings as waste is reduced, the energy required to process the food is also reduced while the end consumer sees cost benefits. Hence the benefits from biotechnology extend to everyone in the supply chain including the end consumer and for healthier tastier food. Eurofins is a leading international group of laboratories offering a wide range of testing and support services to the pharmaceutical, food, environmental and consumer products industries and to the government. They employ about 8000 people across 150 sites in 29 countries.They have business interests in the pharmaceutical industry, food, and feed testing and in environmental protection. In the pharma division, they offer complete management right from strategic planning through project conduct.

Benefits of Biotechnology