ABSTRACT
The biotechnology industry is a nascent stage. The industry is involved in everything from brewing beer and treating sewage to genetically engineering bacteria and embryos. The field, however, is undergoing a transition from what was mostly a research endeavor to what is now a serious commercial and international undertaking. The growth in the number of new biotechnology firms in the late 1970s and early 1980s was spawned primarily by the willingness of the US venture capital markets to invest in young biotechnology start-ups, and the willingness of talented scientists to leave the protected bastions of academia for the more lucrative private-business sector. The United States is the leader in the field of biotechnology in terms of innovation through genetic engineering and basic research. However, since the industry is just beginning to enter the period of commercialization it is too early to gauge whether the United States will maintain its lead.
