November 26, 2019
The biotechnology industry is, undoubtedly, at the forefront of innovation and improvement in global healthcare and agriculture. These days, the modern biotechnology industry is indispensable to the development of new procedures for preventing, diagnosing and treating particular health conditions – and ultimately ensuring these procedures are beneficial for all patients
In short, biotechnology is one of the key reasons why we are living longer, safer and healthier lives today. In facilitating the modification of living organisms, biotech can 'hack' its way to a better quality of life – such as innovating new agriculture processes which can improve crop yields and feed more people, for example.
The modern biotechnology industry today
The global biotechnology industry is growing at an extraordinary rate, and shows no signs of slowing down anytime soon. In 2016, the global biotechnology market size was calculated to be worth $369.62 billion. The market is expected to reach a colossal $727.1 billion by 2025, according to a new report by Grand View Research, Inc.
The report describes some of the key drivers behind the continued market growth, such as the demand for new treatments (personalised medicine, for example), the increasing prevalence of diseases such as hepatitis B and cancer, the rise in the demand for food and agricultural products owing to a growing global population (in U.S., China, and India in particular), and an increasingly globalised clinical trials industry.
Globalisation in the biotech industry: Clinical trials
Clinical trials play an essential role in biotechnology innovation – and the way these trials are being conducted is changing the industry from the inside.
According to Grand View Research Inc., “the geographical distribution of clinical trials is slowly shifting from developed nations to emerging countries […]”
“Globalisation has led to increase in investment in new product development in emerging countries thereby, positively impacting the market […]
“The rising cost of clinical trials and difficulty in patient recruitment has led biopharmaceutical companies to shift towards regions such as central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost efficiency and quick patient recruitment.”
The reason for this globalisation of clinical trials is that there are a number of perceived benefits for conducting clinical trials overseas. As well as up to 50% lower overall costs and faster participant recruitment, they also often include excellent data quality and centralised health facilities.
This means that, increasingly, biotechnology research, along with product development and manufacturing, is going international.
But what are the implications of this industry shift?
Why is translation important in the biotechnology industry?
Accuracy of language is of the greatest importance in biotechnology, particularly in research, manufacturing and those trials conducted overseas.
This is because, much like the legal sector, information within the biotechnology industry relies heavily on the clarity of the language in key documents such as contracts, patents, Informed Consent Forms (ICF), Patient Information Leaflets (PIL), health and safety protocols, drug labelling, and more.
That’s why there’s never been a more crucial time for those in the biotechnology industry to consider seriously investing in professional language services.
Indeed, healthcare, medical and pharmaceutical translation are complex, highly-specialised disciplines, reliant on terminology and in-depth knowledge of the subject matter.
This means that the consequences of a mistranslation could be huge. Mistranslating or omitting key information about drug side effects in a clinical trial, for example, could bring into question the validity of the participants’ informed consent. This could result in a damaged company reputation, serious legal issues or, even worse, the compromised safety and wellbeing of the participants.
That’s why professional translation services are so indispensable for maintaining the integrity of the biotechnology industry.
Partnering with a reputable and professional language services company that has experience working within the biotechnology industry could be the difference between a disastrous research project and a successful one.
If you are looking for a language partner for your biotechnology company, look no further than Wolfestone. With over 13 years of experience working in over 200 languages, we are perfectly equipped to offer a bespoke language solution for your biotech project.
Wolfestone’s experienced and knowledgeable account managers are always on hand to offer advice about the language service that is right for you. What’s more, we only ever use specialist translators who are able to demonstrate substantial experience in the medical, healthcare and biotech industries for your project.
Get in touch today and receive a free consultation from our friendly, professional team.https://futureoflife.org/background/benefits-risks-biotechnology/?cn-reloaded=1/ https://www.grandviewresearch.com/industry-analysis/biotechnology-market https://www.wolfestone.co.uk/blog/pros-cons-outsourcing-clinical-trials/