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Biotech is a multidisciplinary field that merges the principles of biology with technology. At its core, biotechnology harnesses cellular and biomolecular processes to devise new technologies and products aimed at improving planetary health. This domain is vast and encompasses various applications. Biotechnology is not just limited to medical applications; it spans across multiple sectors, including agriculture, food production, and environmental conservation. Thus, it might be difficult to draw lines between different verticals. Overall, the industry is driven by science and leverages living organisms and molecular biology to produce products and other innovations that address diverse challenges in our world.
The global biotechnology market was estimated at USD 1,224 billion in 2022 and is expected to be worth around USD 3,210 billion by 2030 and positioned to grow at a CAGR of 12.8% from 2023 to 2030. In Latin America, as well, this sector has been growing, and this growth has been spearheaded by venture companies like GridX from Argentina, as they play important role in, for instance, financing and finding promising research that could transform the world, and connecting these innovative solutions with people with entrepreneurial mindset.
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In the latest episode of the Find The Way podcast, we explored the captivating world of biotech with Matías Peire, the founder of GridX (or Grid Exponential). As the biotech landscape evolves, Latin America is emerging as a significant player, with GridX leading the charge in connecting researchers with business opportunities.
Historically, Latin America hasn't been the first name that comes to mind when thinking about biotech. Yet, the region presents a rich legacy in life sciences. In Argentina alone, 65% of scientists are related to life sciences. Estimations say that there are 200,000 researchers in the region dedicated to this field. Furthermore, Argentina has been awarded three Nobel prizes in science, underscoring its potential in the biotech arena.
A decade ago, the biotech startup ecosystem in Latin America was sparse. Matías Peire's vision with GridX was to bridge this gap. He noticed the vast potential in Latin American scientists, many of whom had international exposure and high-profile publications. GridX's mission became clear: connect these talented scientists with the business world and foster the growth of biotech startups in the region.
The podcast highlighted three technological advancements that are shaping the future of biotech: genome sequencing, genome editing tools like CRISPR, and the interfaces between the biological and digital worlds. These breakthroughs are opening doors in various sectors, including agriculture, food, diagnostics, personalized medicine, biomaterials, and industrial biotech.
While the global nature of biotech presents challenges, Matías believes that Latin America has unique advantages, especially in the early stages of biotech startups. The region offers a "talent arbitrage opportunity" due to the abundance of scientists working in academia. Additionally, the cost benefits are significant, with hiring a PhD in Latin America being more affordable than in the US or Europe.
As biotech continues to shape the future, Latin America's role becomes even more pivotal. With organizations like GridX at the forefront, the region is well-positioned to harness its scientific talent and make significant contributions to the global biotech landscape.
Listen to the episode here.
