Pharmaceuticals and Industrial Products in Crops: Economic Prospects and Impacts on Agriculture

That biotechnology has brought changes to agriculture in a very short time is, by now, obvious. For the 2004 harvest, for example, it is estimated that 85 percent of U.S. soybean production and 45 percent of U.S. corn production will come from genetically modified (GM) varieties (89 percent and 54 percent, respectively, in Iowa). While the agricultural sector is still dealing with problematic trade effects caused by less-than-enthusiastic consumer acceptance and restrictive regulations overseas, the biotech industry is actively pursuing an array of R&D efforts that could make the current adoption of GM crops just the prototypical “tip of the iceberg.