Biotech startups key to bioecon – solve biod and chemical pollution

Advancements in biotechnology are making it possible for us to combat global challenges with biology at their core – like COVID-19 and biodiversity loss – as well as providing solutions to more diverse issues – like supply chain breakdowns and chemical pollution.

But sharing biological data is complicated, and for the bioeconomy to reach its full potential, we need to improve how biological data is accessed and how benefits are shared. Public and private sectors, civil society, and academia must work together to find a scalable and ethical solution.

Bioeconomy expected to be major source of economic growth

The bioeconomy, or the fraction of the economy driven by research and innovation in biotechnology, already represents a significant proportion of total global economic output and is set to experience significant growth over the coming decades. Historically dominated by the biomedical and agricultural sectors, biotechnology is now being used across myriad disciplines. This is possible because of falling costs of basic life science development processes, like DNA synthesis and DNA sequencing, and increasing precision and efficiency of gene editing tools like CRISPR.

Together, these shifts are making it easier than ever to develop affordable and effective biological innovations. The McKinsey Global Institute recently projected the field to have an economic impact of up to $4 trillion USD a year over the next 10 to 20 years. With innovation across molecular- and systems biology, machine-interface and computing arenas, they estimate that as much as 60% of the world’s manufacturing raw materials could be produced biologically.

Biotechnology revolution key to addressing major global challenges

New biotechnology has not only given us the best answer to COVID-19, but also stands to be our best shot at addressing other massive global challenges, such as climate change and biodiversity loss. Synthetic biology is a key area of advancement. Through advanced bioinformatics and automation, synthetic biology allows us to precisely engineer organisms at an unprecedented scale, unlocking applications like petroleum replacements, textile production, and animal-free meat and dairy products.

If the biotechnology revolution is to benefit our species, interconnected ecosystems, and planet, we must embrace new forms of collaboration, consensus-building, and governance to work together across companies and countries alike.