Genomics, the science of manipulating, building, studying, and designing molecules, is going to change the face of the world's economy as we know it. Companies are rushing to adapt to the rapidly changing economic environment as new discoveries are being made in this field. Genomics has the potential to affect all aspects of every sort of industry. Since genomics deals with things on a molecular level, its technology can be applied to everything, most notably computers, energy, environmental, cosmetics, chemical, food, agricultural, biotech, and pharmaceuticals. The change genomics has made to the economy has already created a whole new economic sector, the life sciences.

Genomics technology is developing so rapidly that it appears to be on course to overwhelm current knowledge bases and research and development budgets. To compensate for this some of the world's largest companies are working out the details for gigantic megamergers. Some of the recent mergers are an example of the things to come. Two pharmaceutical companies, Sandoz and Ciba-Geigy, merged to create a new company, Novartis. The largest pharmaceutical merger in history, this new company is valued at ov

This controversial technology has the potential to be the greatest thing that has ever happened to mankind. Measures should be taken to be sure the public is well informed, the proper safety precautions are taken, the industry continues to gain support, and that clear lines of communication are maintained. A technology this important must be carefully protected by the government as well as individual corporations. The importance of federal backing became apparent when Canada pulled the plug on its genomics project. As a result, the country fell behind on genomics research and is now scrambling to catch up by creating the $175 million genomics initiative called Genome Canada (Kendro 20). Provided that the proper precautions are taken, genomics can greatly improve the standard of living worldwide. We may soon see cures to cancer, AIDS, and many other illnesses, and the world's economy could potentially flourish like never before.

It seems impossible not to go with life sciences. DuPont tried to remain primarily an energy and chemical company. However, DuPont later announced a restructuring, with life sciences at the head. The changes in companies go even deeper than that. Many companies are competing in several fields instead

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Approximate Word count = 841
Approximate Pages = 3 (250 words per page double spaced)