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Enter 2020.

The pandemic shocked the world with so many unprecedented situations. Lives were lost, and the economy was at its all-time low. It won't be wrong to say that globally people and every industry struggled. 

But that's just one side of the coin!

The biotech sector continued to make its presence felt by attracting investors even during the coronavirus outbreak. Surprisingly, by the summer of 2020, more than 35 biotech companies raised more than $6.6 billion through US IPOs. Even the Nasdaq Biotechnology Index saw its all-time high in the last five years when it shot up by more than 25% in December 2020. 

According to a leading survey company, the biotechnology market will reach around $2.44 trillion by 2028. The global leaders believe that the changing government policies, robust investment in this sector, and rising demand are propelling this industry's growth. 

This article will cover the various aspects of the bio revolution contributing to the growth of the biotech sector. 

Biotechnology Sector- Improving The Response to Global Challenges

Why look at the past examples when we can clearly see this sector at the forefront of challenges presented to the world? Yes, we are talking about global issues like climate change and coronavirus. 

The time frame of the sequencing of the genome in weeks rather than months clearly shows the potential of this new world of biology. That's only a start, though! Other biological innovations like clinical trials of vaccines, search for potential and potent therapies, and the transmission patterns of viruses are all possible because of this emerging technology. 

Admittedly, this could transform the economies, societies, and lives in the foreseeable future. In fact, various surveys predict that it could directly impact the economy with around $4 trillion a year for the next two decades. 

That's why there are so many investments being made in startups recently. Who can forget the amount invested by Illumina Inc. in nine new genomics companies? The company started a program called Illumina Accelerator, where they select the startups that require seed investments, genomics expertise, or business guidance. 

Its Role in Creating Novel Materials That Are Potent and Sustainable

New technological trends applied in the biological industry are bringing about a change in economies. For instance, the fermentation process used to make bread now plays a role in creating fabrics like artificial spider silk. 

Some industries have already started using genetically engineered microbes to develop biofuels for aviation and marine industries. This is further helping to improve precision right from delivery to development and consumption. 

It won't be wrong to say that this technology in molecular biology continuously makes the R&D and other processes predictable and deliberate. That's why there is a growth of the term "personalized medicine" in the last few years. Plus, the integration of new technologies like automation and machine learning are further helping companies process information in a much better way. 

And guess what? In the coming years, you might even see a potential growth of bio machines, neuroprosthetics, or biocomputers to simplify further and streamline the biological processes?

What Can You Expect in The Future?

Global leaders and the scientific community believes that biotech companies will hold prominence in majorly four domains. These include:

• Human health: You might expect many changes in the cell, gene, or therapies to improve or extend the lifespan. Improvement in drug delivery mechanisms and reproductive medicine will further enhance human health. 

• Agriculture, Aquaculture, Food: The technology will mostly be about using new ways to improve the breeding of plants and animals. The focus will be on understanding the microbiome of plants, soil, and animals to improve agricultural outcomes. 

• Consumer Products: Using the biological data, the companies could use this emerging technology to offer personalized products and services.

• Materials, Chemicals, and Energy: The biological way of making materials could transform industries and human lives. 

So, we talked about all the potential benefits and applications from the consumer's point of view. Now let's switch to the providers. What's in it for them?

How Can Biotech Companies Scale During The Favorable Times?

Since everyone is willing to invest in these modern innovations, attracting fresh investment to scale up is not that challenging (only if you have a promising future of producing innovative products using this technology). 

However, before beginning your search for capital, you must consider the following:

• Do you wish to switch to a commercial organization or want to remain an R&D center even during scaling up?
• What do you need to support your growth and transform into a mature biotech business?
• How many products will it require for you to make a mark?
• How many areas should you enter?
• Do you wish to collaborate or do it alone?

If you are looking for long-term success, you need to build your portfolio like any other company. And by this, we mean that you need to create innovative products to engage with the right people. 

In The End: It's Time For a Surge in Bio-innovation 

No matter how much we advance, the pace of innovation would always be directly related to the adoption and acceptance of these new-age technologies. Unless we allow them to be a part of our daily lives, the industry won’t grow as anticipated. Fortunately, the coronavirus outbreak propelled the consumers and the industries to look around the bend. 

That was the only way to develop new and improved products helpful for enhancing the quality of life of humans. Moreover, the introduction of computing, data analytics, and AI is further accelerating the change. 

One positive example of using this technology is that unraveling the human genome that took around 13 years and $3 billion takes less time and comparatively lesser rates. That's how it will impact different aspects of life. 

So, what do you think the "next" significant innovation will be in this area? Will it be beneficial for humans in the time to come? Are there any risks involved? How will it impact the economy in the next few years? Time will tell!