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Gihan Vimukthi
Gihan Vimukthi

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Biotech was a bright spot in the 2022 startup Correction

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Since 10,000 years ago, people have used biological processes to improve their quality life. This began with the first agricultural communities. Humans began tapping into the biological processes of microorganisms approximately 6,000 years ago to make bread, preserve milk products, and drink alcoholic beverages. These processes are not what biotechnology is today. It refers to molecular and cell technologies that emerged in the 1960s and 1970s. A fledgling industry called “biotech” emerged in the mid-to late 1970s. It was led by Genentech. This pharmaceutical company was founded in 1976 by Robert A. Swanson, Herbert W. Boyer and Stanley N. Cohen to commercialize the recombinant genetic technology. Genentech, Amgen Biogen, Cetus and Genex were founded in the early days of genetically engineered substances.
Biotechnology applications
Biotechnology is used in many fields, including medicine and agriculture. Biotechnology can be used to merge biological information with computer technology (bioinformatics), explore the use nanotechnology (nanotechnology), or apply stem cell research and cloning techniques to replace damaged cells and tissues (regenerative medicines). These technologies are combined by academic and commercial laboratories in order to both analyze and synthesize molecules, as well as chemical pathways, tissues and organs.

Biotechnology is used for health care and also in industrial refining. It has been proven useful in the discovery and production biological enzymes that spark chemical reaction (catalysts); in environmental cleanup with enzymes that convert contaminants into harmless chemicals, and then die after they consume the “food supply”.

The most controversial applications of biotechnology to agriculture have been the ones that have proven to be most controversial. Some consumer groups and activists have called for a ban on genetically modified organisms (GMOs), or labeling laws that inform consumers about the increasing presence of GMOs within the food supply. The introduction of GMOs in agriculture in the United States began in 1993 when the FDA approved bovine somatropin (BST), which is a growth hormone that increases milk production in dairy cows. The FDA approved the first genetically modified food, a tomato with a longer shelf-life. Numerous agricultural GMOs have been approved in the United States, Europe and elsewhere. These include crops that can produce their own pesticides as well as crops that can withstand the application of herbicides that kill weeds.
The United Nations, U.S. National Academy of Sciences and the European Union have all found GMO foods safe. However, skeptics argue that it is too early to assess the long-term ecological and health effects of these crops. The area of genetically modified crops was dramatically increased in the 20th and 21st century. It rose from 1.7 million ha (4.2 million acres) in 1996, to 180 million ha (445 million acres), by 2014. In the United States, genetically modified corn, cotton and soybeans accounted for 90 percent of all the crops. Most genetically modified crops are grown in the Americas.

Over the five-year span 1996 to 2000, revenues from the U.S. and European biotechnology industry nearly doubled. The introduction of new products in the health care sector fueled rapid growth. Globally, the biotechnology market was valued at $752.88 billion by 2020. New opportunities for growth are emerging from both government and industry efforts to accelerate drug development processes and product approval.

Biotech Grant
We know the difficulties of turning your company’s vision to a commercial success. So we are on a mission help you make that journey easier.

The Biotech Grant is a grant that provides up to $100,000 per year in product and instrument grants to start-ups located in North America or Europe.

We will be opening the grant for applications soon. Keep checking back for more information. Below are the recipients for 2021.

OEM by QIAGEN: Global commercialization for your custom kits
It is difficult to decide whether you want to make your product in-house, or if you should look for a commercial partner. It is important to have a reliable partner who can help you quickly bring your product to market. We know that you require materials that are consistent in quality, supply chains that don’t let down, and a partner who can consistently deliver in uncertain times.

OEM by QIAGEN provides manufacturing solutions for your PCR kitting requirements, regardless of size. We offer a variety of components including custom solutions for nucleic acids purification, enzymes and oligonucleotides, as well as PCR master mix. GMP, ISO and manufacturing facilities are available worldwide to ensure commercial excellence.

Exceptionally AI, no startup sector was completely immune to 2022’s market uncertainty. However, some sectors proved more resilient than others. Biotech was among the most fortunate.

According to Pitchbook data, the sector recorded 1,054 U.S.-based transactions in 2022. These deals were worth a total of $30.7 billion. These figures were below the 1,415 deals made in biotech by U.S.-based companies in 2021, which totaled $39 billion. However, the declines weren’t the worst. Biotech saw a modest decline in investment volume over the past year (21%) compared to other sectors like fintech (37%), consumer tech (53%), and enterprise tech (33%).

Comparing any sector’s performance to 2021 is a bit of a stretch, since that year was the height of the last startup boom. Last year’s results were comparable to 2020’s less conservative 1,143 biotech deals valued at $29.6 billion.

U.S. deals in biotech also set new records for 2022, with a median deal size of $33.5 million and a median valuation of $38 million.

TechCrunch heard from biotech investors that they felt the pinch of economic conditions last year and that they noticed tourists withdrawing from the sector, like other sectors. However, many were not surprised that the category performed better than other buzzy industries because of a few key factors.

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