The Role of Biotechnology and Biotechnology Clusters in Global and Regional Economy Development

Abstract

Biotechnology represents a widely acknowledged interdisciplinary field that harnesses biological systems and processes to drive advancements in technology and economics. Given its rapid proliferation, it has emerged as a pivotal factor in global economic development. The primary objective of this review article is to underscore the significant role played by biotechnology in advancing technology across diverse sectors of the economy. Furthermore, the paper underscores the value of biotechnology clusters in catalysing economic growth, particularly in nations undergoing active development. This investigation encompasses a comprehensive analysis of international practices, offers a nation-specific assessment, and underscores the advantages that biotechnology clusters can bestow upon businesses and regional economies. The research also formulates recommendations for the advancement of the biotechnology sector in Russia and the promotion of local companies’ involvement in biotechnology clusters.