Modern Biotechnology and Its Role in European Unions Economy Essay

Modern Biotechnology and Its Role in European Unions Economy - Essay Example This essay stresses that human medicine and healthcare are the most important area where modern technology is highly applied through the biotechnological publications and patent rights with the inventions of new biotechnological products. Modern biotechnology has widespread applications in human medicine and health care, which makes a very important contribution to the economy of the European Union region countries. Modern biotechnology in the medicine and healthcare sector adds to the European Union's gross value addition by about one percent. Furthermore, modern biotechnology provides very effective tools for research and development on biopharmaceuticals, which leads to inventions of new drugs that are sold hence generating revenues to countries within the EU region. This article makes a conclusion that modern biotechnology enhances the competitiveness of the EU companies by enabling them renew their production strategies in the breeding of quality crops, livestock, and enzyme production. The biotechnology sector also contributes to employment to the EU citizens. Highly trained individuals get better-paying jobs in the biotechnology sector as the researchers and developers of the new biotechnological products. Above all, modern biotechnology is creating sustainable ways of growing and developing the European Union economy. Modern biotechnology has become very important in modern day as explained in the paper.