This week's lesson was on the revolution of the biomedical industry. The class started off with the introduction to the term biobusiness, where it is a commercial activity based on understanding of life science and life science processes. I see it as businesses that are related to the biomedical industry. We also came to know that this constitutes over 25% of global GDP and employs some 40% of world's labour force.
There's really been a vast change in the biomedical industry looking back from the past till today. The role that technology has on this revolution is really great i can say. With the advancement of technology, it allows research to be carried out which fasten the pace at which medical science advances as well. I feel that the advancement of medical sciences is really crucial. Just like a double edge sword, it benefits us as well as having the possibility to harm us and raises ethical issues. Firstly, this really benefits us, as we're now able to receive better treatment and also precautions to diseases. Of course, this would lead to an increase in the living conditions that we're in as hence, increasing life expectancy. However, we also know that all these research require money. Hence we can see the difference in the different countries- underdeveloped, developing and developed countries. Just like what reading 5 has stated, "We must find better ways to increase value, to keep modern care affordable, while still encouraging medical innovation. With these unprecedented technological achievements have also come unprecedented concerns about the total spending on healthcare and, in particular, about the rising spending on these new medical technologies. Many worry that, even if these new technologies come along, they will not benefit because they will not be able to afford the high cost.” Hence, we have to ensure that such medical innovations reach to all parts of the world to ensure that everyone gets to benefit from it.
On a flip side, like what reading 4 has stated regarding the disruptive innovations and healthcare, where dominant players place too much emphasis on improving their products to the point where consumers don't even know what they are using. Also, with the increase in innovations, it creates the potential for companies to introduce something known as disruptive innovation, where companies come up with cheaper and more convenient products to meet the needs of less-demanding customers. Just like a double edge sword, the increase in medical innovations has both its positive and negative side. However, i feel that this should not stop companies from the continual innovations and research that they are having. It is still important as this not only bring benefits to the healthcare sectors, it also aid in providing jobs for the people.
The class went on to discuss on whether we should enhance human beings. In my opinion, i feel that we should not encourage the enhancement of human beings. Speaking from the ethical side, like what they say, it disrupt God's creation. Everyone is wonderfully made and created by God, hence we should not try to enhance ourselves to make us even better. From the other point of view, i feel that there may also be cases of discrimination and it adds stress to the person. Furthermore, it may also lead to a case whereby the person dared not leave her house just to avoid the criticism. Also, we are not sure the side effects that it may cause in the future.
We were again introduced to 2 quotes, "Biobusiness may well be our best hope for achieving sustainable" and "The Biobusiness revolution will transform our lives and our economies-in the area of health, food, clothes and energy sources". I feel that it is really true that our lives will be transformed due to the biobusiness revolution. Many new inventions will be introduced with the continual advancement of technology and this causes people to be more reliable on them and hence it may become part of our lives unknowingly.
I felt that this week's topic was really interesting as it talks about the healthcare side which most people are concern about. Moreover, seeing how the healthcare sector has advances, it really makes us wonder what type of new innovations we can expect in the future.
Class rating: 9/10
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