Industrial biotechnology news
A pioneering company using BBSRC-funded genetic engineering research to help control pests has been sold to a US-based biotechnology company for $160M. Oxitec uses genetic engineering to control insect pests that spread disease and damage crops, and was founded in 2002 as a spinout from University of University.
Bioscience, at the heart of many technological advances, has the potential to address some of the world’s greatest challenges, such as feeding a growing population and offering alternatives to dwindling natural resources. The bioeconomy is the economic benefit of embracing these challenges with biological solutions, estimated to be worth at least €2Tn (£1.7Tn) in the EU and employing around 22 million people.
Two independent reports from Capital Economics have highlighted how bioscience is benefitting the UK economy. The first report, The British bioeconomy: An assessment of the impact of the bioeconomy on the United Kingdom economy, suggests that the growth of the UK bioeconomy is going to be critical in creating an economy that is environmentally sustainable.