Biotechnology Applies Technology on the Term Paper

The extent of this collaboration between them was shown to be a powerful predictor of the firm's ultimate success along with products in development, products on the market and the number of people it employed (Hand).

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 is currently not required in the U.S., unlike in the European Union and Japan where it is mandatory. 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.).

Bibliography

1. Food and Agricultural Organization. (2006). Genetically Modified Organisms, Consumers, Safety and the Environment. FAO Document Repository. http://www.fao.org/docrep/003/x9602e/x9602e08.htm#

2. Hand, J.R.M. (2002). The Market Valuation of Biotechnology Firms and Biotechnology R & D. Kenan-Flaglu Business School. http://public.kenan-flaglu.unc.edu/Faculty/handj/eJH%20website/Hand%20market%20valuation%20of20biotech%20and%20biotech%20RD%2020020408%20FINAL%20VERSION%2010%20LUC%20RENNEBOOG.pdf

3. Public Understanding of Biotechnology. (2006). Biotechnology Basics fact file. http://www.pub.ac.za/factfile/biotech.html

4. Shoemaker, R. et al. (2003). Consumers and the Future of Biotech Foods in the United States. Amber Waves: U.S. Department of Agriculture Service. http://ers.usda.gov/AmberWaves/November03/Features/futureofbiotech.htm

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