The possibility of profit and technological advances has created an explosion of progress in the development of genetically modified foods. Biotech’s status as a new technological frontier ensures that its boundaries pushed forward every day.
Cal State East Bay student Srinivas Mylavarapu conducted research into the patterns and trends in the biotech sector for an English class.
“The potential for the application of GM crops is high but biotechnology seeds are expensive to implement,” says Mylavarapu.
“In the United States alone, farmers have seen seed prices increase as GE varieties of corn and soybean have dominated the marketplace.”
Mylavarapu indicates that European farmers who adopted genetically modified crops could be exposed to increased production pressures as indicated by conditions experienced by American farmers who adopted genetically modified crops.
“Impacts on farm income are noticeable, with farmers in 2010 allocating 20 to 25 percent of income on seeds; many farmers are failing to see the price premium. Farmers dependent on GE varieties will pay twice as much for corn seed than the conventional seed farmers.”
Mylavarapu’s research is timely as this July the European Union (EU) opened the doors to the proliferation of genetically modified crops. It is expected that the European Parliament and member nation delegations will agree to this change.
American biotech corporations such as the Missouri-based Monsanto, makers of the popular Roundup pesticide, could have a profits windfall as the new EU policy is indicative of a European push to make the Eurozone more appealing for the marketing of emerging biotechnology.
According to the World Bank, if the EU were to open the flood gates to genetically modified products, it would create depending on the speed of implementation $9 to $10 billion USD of new jobs and investment opportunities.
The European Commission says that it will continue to investigate the long term affects of genetically modified crops on the human body. However, the European Commission says that regulation of genetically modified crops will be the responsibility of member nations of the EU.