The U.S. plant biotechnology industry has been positively affected by strong domestic regulation. However, European regulation has had a negative effect since companies hesitate to develop export crops for a market with perceived regulatory uncertainty. On the other hand, both U.S. and European medical biotechnology industries are subject to stringent regulatory requirements. Regulation plays an important role in assuring consumer confidence. This is particularly so in a new industry such as biotechnology.
Agricultural biotechnology; genetic engineering, recombinant DNA; feed industry; energy industry; consumer sentiment; population growth; environmental impacts; bioremediation; risk assessment; regulation; global market system;