Biotechnology is "the use of living systems and organisms to develop or make useful products." Biotechnology has tremendous and necessary applications for any economy; however, the applications of biotechnology are essential to a developing economy in at least two specific and significant areas.
First, biotechnology is essential in the field of agriculture. Creating sturdier, heartier, and more productive crops is an immediate benefit both to the people and the economy. When food is better and more readily available, consumers are healthier and have increased access; when more food is produced than consumed, it becomes a commodity which can impact a developing economy.
Second, biotechnical advances in medicine are significant for a developing economy for two reasons: the costs of health care will decrease and the population (potential work force) is healthier. When the cost of staying healthy decreases and the ability for workers to stay healthy increases, the economy is certain to improve, as well.
Any advances in biotechnology which make people healthier, which mitigate the effects of weather, and which creates more effective products and workers will certainly have an impact on any economy. For developing economies, these advances may mean the difference between languishing and thriving.