Check out EMAC’s new study on the economic impacts of delayed biotech innovation
Crops developed through biotechnology must undergo regulatory approval to ensure their environmental, food and feed safety before they are commercially introduced in the marketplace. This regulatory process necessarily lengthens the time required to bring such new crops to market. Insofar as this delay is necessary to ensure their safety it is regarded as worthwhile. Efficiency is crucial, though; there are many possible ways that the regulatory review process can be structured. If the approval process goes on longer than necessary to ensure safety with reasonable scientific certainty, the opportunity cost of delaying or altogether missing out innovation can mount. Kalaitzandonakes, Zahringer and Kruse analyze such potential economic impacts in EMAC’s working paper 2015-1.