Biotech includes products that arise from biology while biopharma relates to the medicines that are produced as a result of those biological processes. Both biotechnology and pharmaceutical businesses create medicines, although those created by the former are derived from biological things, whereas those created by the latter often have a chemical basis.
Aiming to cure, immunise, or treat patients’ symptoms, the pharmaceutical industry finds, develops, manufactures, and promotes medicines or pharmaceutical drugs for usage as medications given to patients (or self-administered). Pharmaceutical firms may sell both brand-name and generic drugs as well as medical equipment. They must abide by a number of laws and rules that control the marketing, testing, safety, efficacy, and patenting of medicines. In 2020, the worldwide pharmaceuticals industry will have produced therapies worth $1,228.45 billion, with a 1.8% compound annual growth rate (CAGR).
In its most basic form, biotechnology is simply technology based on biology; it uses cellular and biomolecular processes to create products and technologies that enhance both our quality of life and the health of the world. For almost 6,000 years, we have produced valuable foods like bread and cheese and preserved dairy products using the biological activities of microorganisms.
5 Types Of Biotechnology