Biotechnology (Vocabulary: Business Terms)

BIOTECHNOLOGY (Vocabulary: Business Terms)

Biotechnology is defined as "the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services." An older (and simpler) definition says it's the making of products from raw materials with the aid of living organisms. Today this may include genetic engineering and technologies involving cell and tissue culture. It has applications in medicine, food production, industrial processes (e.g. producing chemicals), and environmental issues.

• Global revenue from "biotech" was expected to reach over $1.006 billion in 2021.

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