By Pete Julius
Even though the stock market is in disarray, destructively greedy executives continue to appear in the news, and the government keeps threatening additional terrorist attacks, the economy is actually witnessing rapid growth within a variety of industries. One of those expanding industries is life sciences. That brings up three questions – – (1) what is life sciences; (2) what are the driving forces behind this growth; and (3) what are some of the emerging sectors?
Many people consider life sciences to be the same as biotechnology, when in fact biotechnology is only a component of life sciences. A very generalized and broad description would include the following industries:
¯ Pharmaceuticals
¯ Medical equipment & supplies
¯ Biotechnology
¯ Research and testing
¯ Laboratory instruments and supplies
¯ Health services
¯ Animal science
¯ Agricultural chemicals
¯ Medical devices & apparatuses
Whether it’s manufacturing or service-oriented, life sciences encompasses anything that sustains or enhances the quality of life for any life form. This industry is being propelled by several factors that include an aging population, the need for cheaper generic drugs, and the increasing emphasis on healthier diets and nutritional supplements. The research and development activities within this industry have led to some very vibrant industry sectors. Some of those emerging areas include genomics, proteomics, bioinformatics, agri-biotech, chemical/biological warfare defenses and the cures for diseases, such as cancer.
For more information on this growing industry click on any one of the following links:
www.bio-itworld.com/subscribe/
www.apnet.com/www/journal/ge.htm