Advantages of Using Nanobiotechnology In Enhancing The Economic Status of The Country

Abstract

High-level economic status is possible with sustainable scientific and technological progression but is overwhelmingly impacted by its biodiversity, agriculture, health care, food, and energy resources. Nanobiotechnology appears to be the technology that has an extensive and deep impression on the economic growth of these sectors. In a world of ever-expanding and never-ending need for resources, modernization of conventional methods is required to maintain the demand and supply ratio. Nanobiotechnology R&D seemed to be a greener and sustainable alternative to several deep-rooted traditional technologies. Developed economies have witnessed immense contributions of nanobiotechnology in revolutionizing industries; a specialized area with wide applications and offers numerous advantages by reducing energy needs, enhancing productivity, higher efficiency, cost-effectiveness, low toxicity, and increased durability. This chapter focuses on the advantages of nanobiotechnology in enhancing the economic status of a nation and explores the potential of nanobiotechnology in reducing production costs, minimizing operational energy needs, generating employment, and enhancing bioeconomy by conversion of waste and resources into value-added products, which has caught the interest of the emerging economies. Developing economies have understood the importance of setting a national plan aiming to take serious actions in developing the nanosector and also realized nanobiotechnology as a catalyst for growing industries to innovate and reshape their economic development. A strategic plan is required to target the innovation epicenter that can promote emerging economies’ social and economic sustainability. This would encourage a transformation of a nation toward a knowledge-based economy. © 2023 Elsevier Inc. All rights reserved.