The second installment in Deloitte’s “xTech Futures” series highlights biotechnology (BioTech) as a pivotal “xTech” domain—representing exponential and variable technologies that could become essential for future business strategies. This comprehensive report is rich with case studies and interviews with biotechnology pioneers, shedding light on the current critical juncture in biotech access and opportunity. It aims to guide organizations in identifying their roles within the biotech economy through three primary chapters: “People,” “Product,” and “Planet.”
Biotechnologies are poised to impact a broad spectrum of organizations, far beyond initial expectations. The biotech revolution, quietly gaining momentum, is set to create a shift akin to the transition from analog to digital computation. The report emphasizes the urgency of the challenges we face—from climate change and global health crises to food insecurity and resource scarcity—and underscores that biotech solutions, if leveraged effectively and responsibly, could offer the answers by working harmoniously with nature.
Biotechnology is crucial for any enterprise concerned with enhancing human health, improving product efficiency, or fostering sustainable practices on Earth. Following the inaugural “xTech Futures” report in 2023, which focused on space technologies, the 2024 report turns inward, examining the potential within our biological makeup. It reveals that biotechnologies can revolutionize healthcare, outpace competitors, and help restore the planet, presenting a new era of opportunities for businesses to innovate with biology. From rapid engineering of life-saving therapeutics and creating ecological replacements for traditional textiles to developing biological enzymes that dissolve plastic waste, the biotech landscape offers a vast array of innovations. This report aids organizations in understanding these changes and identifying areas for involvement based on their specific goals.
Over the past century, advancements have extended the average human lifespan from 32 to 80 years, transforming fatal illnesses into manageable conditions. Current biotech breakthroughs could further enhance our quality of life, pushing the boundaries of human longevity and well-being. The shift from synthetic materials to biologically engineered products offers a unique opportunity to reduce ecological impacts while increasing efficiency and effectiveness. This transformation affects design, manufacturing, and consumer behavior, presenting new possibilities for sustainable innovation. Biotechnology may hold the key to addressing climate change and preserving biodiversity by harnessing natural processes. Solutions for air, soil, and water restoration, sustainable energy production, and ecological preservation could lie in biotech advancements.
Mike Bechtel, Chief Futurist and Managing Director, Deloitte Consulting LLP, highlights the comprehensive impact of biotech: “Biotechnology innovations are set to improve human life span and quality, revolutionize product manufacturing, and enhance planetary health. Our future progress will increasingly depend on emulating nature’s established processes.” Raquel Buscaino, U.S. Novel and Exponential Technologies Lead, Deloitte Consulting LLP, adds: “Biotechnology is about syncing humanity with nature. Post-Industrial Revolution progress has often come at nature’s expense. Now, we can innovate in harmony with the natural world, fostering a new era where prosperity and environmental sustainability coexist.”
The report chronicles the evolution of human interaction with nature from inspiration to active engineering. It showcases how life sciences, healthcare services, consumer products, and sustainable agriculture are set to benefit from biotechnologies. Biotech can streamline healthcare, enhance drug safety, boost food production, and promote circular economy principles. To unlock biotech’s potential, coordination among independent innovators is crucial. Deloitte’s IndustryAdvantage™ approach promotes collaboration across industries, fostering essential connections. Entrepreneurs predict biotechnology will join AI and quantum computing as a major transformative force in the coming decades. Although it currently receives less attention, biotechnology’s impact is expected to grow significantly, transforming work and life in profound ways. The exponential technologies discussed in this report, while not fitting into traditional IT categories, promise to redefine our work and living environments just as significantly.