CANDID SHOTS – Over the past decades, more and more of the country’s rich political clans, particularly the nouveau variety have sought to impress with wasteful displays of wealth.Once in power, political families use their position and influence to wangle loans, licenses, fix tax exemption, quotas, infrastructure projects and other concessions that benefit their business undertakings. Also, their wealth acquired from exceptional access to the public coffers provides the handouts that keep constituents happy.
Many private sector economists presumed that it makes harder for other entrepreneurs to join the playing field of business where powerful political clans also have an economic base. Clearly, cronyism and corruption, in particular, rob people of opportunities for enterprise, and there may be reason to discourage prospective capitalists of doing business – otherwise things can horribly go wrong.
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GENETICALLY-ENGINEERED MEDICINES – Who cares about genetically-engineered products? In our previous column article we talk about biotechnology. And by the way, what is biotechnology? It is the science of manipulating genetic traits and substances. The products – giant vegetables, tastier flood-proof rice, corn and sea produce, and of course, medicines. What makes the field exceptionally exciting is that biotechnology promises big profits and better life.
As a strong growth continued with the adoption of new varieties of disease-resistant crops, biotech products which include drugs become the fastest adopted technology in recent history. Every day, new results of scientific progress are appearing on dinner tables, store shelves and medicine cabinets. Talking of food, dip into a dish of tofu and there’s a good chance it is made from genetically-altered soybeans.
But are these genetically-modified marvels really safe to eat or use? Or are they foisted on unsuspecting consumers without proper warning? Most consumers have little choice in the matter of altered products notably foods. They are, as a matter of fact, unaware that many staples have already been altered or contain altered ingredients. However, scientists and biofood producers say they’re aware of the issues and take them into account in their reviews – the more people know about genetically-modified products, the less fearful they will be.
Biotechnology actually is nothing new and looks set to revolutionize not only agriculture and the environment, but medicines as well. In drug development, several bio-engineered medicines have already replaced those with conventional methods notably in the US. But no nation clings to genetically-altered products as tightly as China. Its pharmaceuticals industry is fast growing and the country needs to produce inexpensive but high-quality medicines in large quantities to cater to its burgeoning population.
Pharmaceuticals likewise comprise most of Japan’s biotech products. Many Japanese firms jumped on the bandwagon as early as the 80’s. Its drug division has been reeling in ample but undisclosed profits or yearly sales, a good part of it in biotech. Harnessing them has made many types of medicines cheaper and more widely available. Like for instance, most insulin for diabetics is made by genetically-altered bacteria. Human growth hormones, antibiotics and human proteins are also being produced by nature’s “factories.” Other drug companies are also making such bio-engineered products as hepatitis vaccines and anti-cancer intervention protein.
Unfortunately, governments around the world have been slow to regulate genetically-modified products. Many countries including the US had no labeling laws but require approval of genetic foods and medicines under certain condition such as if the product contains known toxins, allergens or an entirely new substance. These days, it seems barely a week passes without news of some innovation or advance in biotech and the revolution is already happening in Asia. All of this contributes to a growing sense of wariness among Asian consumers.
The bio-engineered drug industry is tipped to be one of the fastest growing in the years to come. Meanwhile, some scientists insist that the social impact is always high on the agenda. They assert that biotech experts cannot do anything without the backing of society. It should involve everyone in the process to eliminate paranoia of the unknown because the fear is bigger than the reality.
