OECD sets out opportunities and challenges for future bioeconomy
By 2030, biotechnology could contribute up to 2.7% of gross domestic product (GDP) in industrialised countries and even more in developing countries, according to a new report from the Organisation for Economic Co-operation and Development (OECD). For comparison, biotechnology currently contributes less than 1% to GDP in OECD countries. However, the report warns that governments and industry must break down the barriers which are presently holding back the further development and commercialisation of biotechnologies. Such barriers cited by the report include technological challenges, regulatory issues, lack of investment, social acceptance issues and market structures. Today, biotechnology is used in the agriculture and health sectors as well as in certain industries. Meanwhile, many more applications, such as regenerative medicine, are still in the early stages of development. By 2015, the authors of the report predict that around half of global production of the major food and feed crops will probably come from plant varieties developed with the help of biotechnology. The field of pharmacogenetics (which looks at how a person's genes influence their response to certain drugs) will influence the design of clinical trials and prescribing practices. In the chemical industry, the value of biochemicals could reach between 12% and 20% of all chemical production (compared to 1.8% in 2005). By 2030, demand for biotechnology will probably have grown, as rising incomes, especially in developing countries, will increase demand for healthcare, agricultural, forestry and fishing products. At the same time, climate change could exacerbate many environmental problems. According to the OECD, biotechnology could help to solve many of the health and environmental problems facing the world in 2030. 'The bioeconomy in 2030 is likely to involve three elements: advanced knowledge of genes and complex cell processes, renewable biomass, and the integration of biotechnology applications across sectors,' the report reads. The report's authors calculate that biotechnology could account for 2.7% of GDP in OECD countries by 2030, mostly through the use of biotechnology in industry, agriculture and the health sector. In developing countries, this figure could be even higher, as these nations' economies tend to rely more heavily on agriculture and industry, the report notes. Ultimately, the fate of the bioeconomy depends on a number of factors. 'Obtaining the full benefits of the bioeconomy will require purposive, goal-oriented policy,' the report concludes. 'This will require leadership, primarily by governments but also by leading firms, to establish goals for the application of biotechnology to primary production, industry and health; to put in place the structural conditions required to achieve success such as obtaining regional and international agreements; and to develop mechanisms to ensure that policy can flexibly adapt to new opportunities.' The EU is investing EUR 1.9 billion in the creation of a European bioeconomy under the 'Food, agriculture and fisheries, and biotechnology' Theme of the Seventh Framework Programme (FP7).