Issues in Biotechnology Regulation and Its Effects on Industrial Structure
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This article analyzes research and development in genetically modified crops, the changing attitudes of regulatory agencies, and the impacts of these factors on the agri-biotech industry. It provides details on the deregulated products, including the timing of the process, the company involved, and the regulatory costs. If the product failed in the market, the article discusses major reasons for failures. The article will illustrate changes in the required time to deregulate for each product and how this timing has changed during the last 25 years. Additionally, it discusses that the increasing costs and risks in successfully developing, deregulating, and marketing a new product has forced small biotech companies to either exit from business or merge with other companies. Thus the number of companies conducting agri-biotech research has significantly decreased over time. The industry became smaller in firm numbers, but some companies became larger in size, presenting the possibility of reduced competition among firms. This reduced number of firms has likely contributed to a more narrow research focus for the industry.