IMPLICATIONS OF GLOBAL ECONOMIC CRISIS ON BIOTECHNOLOGY INDUSTRY

Abstract

In 2008, like the rest of the global economy, the biotech industry was faced with a world economic crisis and its consequences: dramatic reduction in available capital, the share price fall and reduction of the venture capital, and the closure of a significant number of companies. Despite the difficulties the financial results were more than favorable. The industry last year for the first time in the history of business has achieved overall profitability. Monsanto, the most important agricultural biotechnology company achieved record net profits from the sale. The paper concludes that the financial crisis contributed to the concentration of capital and strengthening the monopoly position of multinational companies.

Keywords

• biotechnology, GM, industry, agriculture, global crisis