“insurance Benefits For Biotechnology And Life Sciences In Europe”

“insurance Benefits For Biotechnology And Life Sciences In Europe” – Since its informal beginnings in 1973 with Cohen and Boyer’s DNA cloning experiments, biotechnology has dominated both the medical and agricultural markets. Although many consider the biotech revolutions controversial, the powerful explosion is not slowing down anytime soon.

As this new industry continues its instrumental reach, it is critical for biotech companies to understand how insurance can serve to protect the industry’s future.

“insurance Benefits For Biotechnology And Life Sciences In Europe”

Many people argue that biotechnology is nothing new. After all, farmers have been dealing with livestock and crops for thousands of years. Whether it’s gene optimization or fertility enhancement, doing science is an age-old endeavor.

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It can be argued that biotech companies are simplifying the process, improving methods and providing more convenience.

As mentioned, biotechnology began informally in the mid-1970s with a few daring DNA experiments. Also, in 1994, the first genetically modified corn appeared, and in 1996, no one forgot the cloning of Dolly the sheep.

Growth and investment in the sector show no signs of slowing down, and 2018 was a good year for biotech IPOs:

Agricultural biotechnology has come a long way since the days of Dolly. Many transgenic crops such as soybeans and wheat are now the norm. Additionally, about 90% of the corn, soybeans, and cotton grown in the United States is bioengineered. Although genetically modified organisms (GMOs) are under intense fire, millions of acres are planted with GMOs each year.

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Ironically, the focus of ag-biotech is on crop improvement. But farm animals will follow with the help of biotechnology, because animal cloning is no longer a headache. Additionally, some argue that cultured meat, or lab-grown meat, is at best a cell farm.

While these national activities have passionate ways to improve returns, many US-based organizations are paying more attention. South Carolina-based ArborGen, for example, studies the genetics of trees in hopes of restoring endangered species. California-based Arcadia Biosciences works on health food ingredients.

While the impact of ag biotech continues to grow, biopharma has introduced an advanced approach to drug development that has led to a boom in startups. Starting with Cetus, this venture capital-backed startup revolution mostly grew out of Silicon Valley. It eventually spread to other American centers such as Seattle, San Diego, Boston and Philadelphia.

As you can imagine, the main goal was to develop new drugs at a rapid pace. Unfortunately, the drug discovery pipeline moves surprisingly slowly. There are hundreds of steps in between, starting with basic gene research and finally bringing it to market.

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Other smaller companies manage part of the process. For example, Abbott Diagnostics is trying to develop new clinical diagnostics by studying genes associated with diseases. Thermo-Fisher, Promega and many others provide laboratory equipment and tools for drug development.

A brief history of biotechnology can help you think about the risks associated with this industry, starting with the early stages of any biopharmaceutical company.

Artificial intelligence and advanced analytics now enable research and development. Despite decades of advanced biotechnological tools, rewriting life plans is never without risk. In short, this phase may carry several risks due to the required vulnerable elements.

Some of the processes include DNA sequencing, cell and tissue culture and engineering, subcellular organisms, proteins and molecules, and others.

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For example, imagine that priceless tissue cultures are stored in a facility only to be destroyed when the power goes out. After years of constant research and development, faulty materials can leave you at zero.

Human error also contributes to R&D risk. Improperly installed products, improperly following procedures, and even everyday accidents can cause damage. Of course, many people fear the transformation of advanced biotechnology into weaponized research, either by hand or by pointing the finger at pseudoscientists. Research and development varies in terms of risk.

Beyond the laboratory, biotech products must undergo clinical testing in the field. As you can imagine, the results don’t always go as planned. However, filtering out negative results is part of this phase.