ABSTRACT
One of the defining features of the modern economy and the international trade system is that those countries in which high-technology corporations are headquartered, or at least do their research and development (R&D), have experienced a transformation in the composition of their export trade in manufactures. Since about 1970, for most developed countries, the contribution of advanced technologies to economic performance in terms of manufacturing value added and exports has increased substantially. Indeed, there appears to be a strong link between the ability of a country to conduct state-of-the-art applied research, the strength of its economy and the prosperity of its citizenry. Industrial development based on the applied life sciences, including biotechnology, is on the way to becoming a key source of economic growth in the developed world and has the potential to contribute to the economies of the developing countries as well as to the health and welfare of their populations.
