socioeconomic impact of biotechnologies

Biotechnology is the application of biological and technical solutions to problems, and often refers to the industrial use of microorganisms (perhaps genetically altered) to perform chemical processing, for example of waste or water, or to manufacture hormones or enzymes for medicinal and commercial purposes. Biotechnology offers great potential to increase farm production and food processing efficiency, to lower food costs, to enhance food quality and safety and to increase international competitiveness. (Source: WPR)