Biotechnology offers immense opportunities for the improvement of human abilities and its quality of life. The expected revolution holds out the promise of an exciting new world that has the potential of enormous impact for the benefit of humankind. This industry promises to make significant contributions to the quality of human life; what we eat, what we wear, how we live and so on. The advantages, applications and promise of biotechnology are broad and compelling and the risks are clearly not understood, managed or regulated. It is this opportunity and risk that is stirring a global anxiety.
Every nation and its decision makers need to answer some very fundamental questions:
· Do we have appropriate regulations for this industry? What regulations need to be changed /developed? What will be its impact? Who is expected to address the industry risks? Industry leaders? Government Officials? Others? What will be the government’s role in the emerging industry?
· Are the social and economic consequences of changes brought by biotechnology industry adequately evaluated? Is there a process of public scrutiny of the existing and potential new technologies, before it is approved for commercial production?
· Are the industry risks assessed and found worth the benefits? Does this technology pose existential threats?
· Will the global community accept biotechnology and its products? Are we doing enough to educate the global community? Should there be a structured effort to educate the global community? Who will fund this effort?
· How can nations and its governments support the introduction of a new technology/science/industry if it cannot evaluate and calculate its inherent risks? What needs to be done to change this scenario? What specific tools need to be developed to address the challenges of this industry?
· Who is doing the industry planning? Do we have right tools, right processes and right skilled practitioners?
· What changes this emerging industry will bring globally and how will it shape the future of respective nations, and their domestic markets?
· How will the world economy be affected? What are the risks of economic disruption? What will be the response to the possible disruption?
As the industry continues to march forward and grow, it is important for Nations, its governments, industries, organizations and academia (NGIOA) to understand all possible risk variables and the future direction of the industry, particularly in terms of the impact the industry, technology and its products have or will have on the human race.
What are your nations plans to effectively manage biotechnology industry risks? Let me know your thoughts.
Jayshree Pandya PhD
Global Risk Advisor
