Biotechnology in Developing Countries: Harnessing the Potential of High-TECH SMES in the Face of Global Competition

Abstract

In the global market, the emergence of new technologies are representing opportunities and challenges to both industry and the public sector of the Latin American Countries (LAC). Some of these technologies have far reaching implications for a large number of industrial sectors, creating wealth and employment, resulting in an increased competitiveness of the developed economies around the world. Modern biotechnology is one of these key emerging technologies which LAC must harness successfully to sustain economic growth and competitiveness. The ability to commercially exploit research in this area is also of prime importance. Developed countries have made important progress in recent years, with a strong leadership of USA in this sector. Unless substantial steps are taken now by LAC the gap between developed and developing economies will only continue to widen in the short, medium and long term. In this, the role of Small and Medium size Enterprises (SMES) is of crucial importance, especially because "High-TECH SMES" firms, by their nature, are often start-ups where new products are developed. Therefore, it is up to public authorities and venture-capitalists, at both the national and regional level to help engender a more productive external business. This paper is aimed to provide an overview of the options to harness the potential of "High-TECH SMES" for generating and accessing to new technologies, both at the national and global levels, with particular emphasis on biotechnology sectors in order to improve the LAC competitiveness.