The industry, therefore, has become a major economic force providing jobs for tens of thousands of people worldwide. In the United States alone, there are more than 1,200 biotechnology companies employing more than 150,000 skilled workers in high-wage jobs. Considering the enormous economic success of the industry, most biotech companies are surprisingly small in size.
Biotechnology is also a major target for investors.
Spending on Biotechnology Research Biotechnology applications are developed through combined research funded by the private and public sectors. In the last two decades, private research to increase agricultural productivity has dramatically increased. In the last decade, farmers in the United States have increasingly used biotechnology tools in crop production. Globally, 98.6 million acres of biotech crops were grown in 1999, according to the International Service for the Acquisition of Agri-biotech Applications.