Is there any future for biotech at all??

Quite thought provoking question, ain't it? My take on this:

Lets start by defining the 'future':
Does future mean usability or creating jobs (like comp science :D). Both are valid.

Usability:

It is highly usable and we could see that in the new medicines coming to market. Theoretically, there is a lot of potential to find cure for every known disease to mankind.

Creating jobs: the main issue

As it happens with any new scientific and technological advancement, biotechnology also created jobs. But i guess the point is how many? and why not job creating is not in-line with the hype given to it?

Media gave too much hype about the potential to cure...the hype was inferred as the potential to create jobs. There is a gap.

Little deeper: So what kind of jobs did biotechnology create?

Yes, those guys with flashing white coats looking down a microscope right at the baddys causing problems. And a whole lot of business administration, finance, technology commercialization, regulatory affairs, intellectual property and science policy based jobs. But the success of the biotechnology is being measured only based on the number of people in whites. Only 16-17% of sales revenue is being spent on R&D (www.phrma.org), which is lower than spending in other departments.

All the b.tech/b.sc biotechnology graduates have the idea and ability to work in whites. There are lot of jobs created by biotechnology in other departments. The subjects i took in b.tech covered every nook and corner of science and research topics (even neuroscience :D) but not a hint about regulatory affairs, finance etc.

Most of the people I know (including myself) doing higher studies in biotechnology are averse to research based jobs because of low pay and not much scope to grow. But are not prepared for
other jobs (including myself).

Part II: what can be done?...coming soon