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24/08/2001. Source:McKinsey Quarterly. Rolf Bachman, Enrico Bastianelli, Jens Riese, Wiebke Schlenzk
 Biotechnology will transform the production of chemicals according to this article from the McKinsey Quarterly. Despite the substantial risk involved, chemical companies should not give up on biotech just yet.
Some chemical companies have spun off their traditional businesses to concentrate on what they hoped would be more profitable life science products. Despite this, biotechnology-based products still account for only a small percentage of the total market for chemicals. Biotech dominates the production of enzymes, certain organic acids, and certain vitamins and is increasingly used to produce dyes, food additives, and other compounds. However, biotechnology involves significant financial risks - for example, the payback from R&D spending in this area can be slow.
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Taken from the McKinsey Quarterly, 2000 Number 2
The McKinsey Quarterly, a journal in print and online from McKinsey & Company, featuring the latest thinking on business strategy, finance and management.
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