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Biotechnology is a diverse and promising industry, but it is not without challenges. The impact on our lives is already being felt, and all indications point to a future of unprecedented changes. Genetically modified (GM) organisms are being used to increase crop production, bacteria to remediate contaminated areas, and even fetal calf skin to grow human soft tissues. Concurrently our nation is seeking biotechnology answers for a variety of national security issues, including the defense of biological or chemical attack and pandemic influenzas. Biotechnology is rapidly impacting multiple industries including medicine, defense, energy, and agriculture. This paper addresses four general biotechnology areas: medical, emerging technology, biodefense, and agriculture. These discussions range from personalized medicine, pandemics and vaccines to biofuels and Project BioShield. The potential economic impact of the industry is tremendous and leads directly to many of the challenges our nation will face in the future. These challenges include globalization, government regulation, ethical concerns and societal acceptance. As the biotechnology industry continues to mature, we expect to see a bright future where the benefits of biotechnology will outweigh the risks involved in its application.

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