Industrial Biotechnology and Bioeconomy

Biotechnology is not only used for drug development and agriculture but also represents a new approach to pollution prevention, resource conservation and cost reduction for businesses; therefore, it is also known as the third wave in biotechnology or Industrial Biotechnology. New industrial processes using the biotechnology approach can produce commercial products in 2-5 years after the commencement of lab studies because they do not require regulatory review as new drugs, which may take up to a decade before getting marketing approval.

Industrial biotechnology is new to many policymakers and consumers and even to some participants in the industry, so its benefits have not been well known or understood.

Enzymes produced by industrial biotechnology make it a premier technology, as enzymes can be used in our daily lives and for the manufacturing sector. For example, meat tenderizer is an enzyme and some contact lens cleaning fluids contain enzymes that get rid of sticky protein deposits. In essence, industrial biotechnology involves the microbial production of enzymes, which become biocatalysts, facilitating and expediting complex biochemical reactions.

Industrial Biotechnology is related to Bioeconomy, which comprises those parts of the economy that use renewable biological resources from both land and sea, including crops, forests, fish and animals and micro-organisms, to produce food, materials and energy.

The U.S. Renewable Fuel Standard (RFS) is a national program to reduce greenhouse gas emissions by mandating a minimum volume of renewable fuel (biomass-based diesel, cellulosic biofuel, advanced biofuel and total renewable fuel) to replace petroleum-based transportation fuel, heating oil or jet fuel from 2006 to 2022. For instance, the requirements for blending cellulosic biofuel and advanced biofuel into petroleum-based products will be raised to 16 billion gallons and 21 billion gallons in 2022 from 7 billion gallons and 11 billion gallons in 2018 respectively.