The Advancement of Medical Biotechnology in Developing Countries: Economic Opportunities and Challenges

Abstract

Starting from decades ago, medical biotechnology has revolutionized the healthcare industry by offering new hopes for previously untreatable diseases and improving overall health outcomes. To explore the advancements in medical biotechnology, this research essay begins by introducing several examples of medical biotechnologies that are currently in progress of advancement, including CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats), Recombinant DNA technology, and Stem Cell Research. Then, it delves into the developments of medical biotechnology in developing countries and examines the opportunities and challenges faced during its progress. The medical biotechnology industry in most developing countries is relatively immature, so new opportunities appear as improving health outcomes and driving economic growth. Nevertheless, the development and adoption of medical biotechnology in developing countries are under different levels of financial burdens, so supports and collaborations on research and development from the healthcare leaders are essential. Finally, this research essay offers some suggestions to the cost reduction strategies of medical biotechnology in developing countries by promoting the hypothetical combination of value-based healthcare and modern monetary theory.