Biotechnology is technology based on biology and can be defined as the art of utilizing living organisms and their products for the production of food, drink, medicine or for other benefits to the human race.

Biotechnology is any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use, especially when used in agriculture, food science, and medicine.

Biotechnology is often used to refer to genetic engineering, however the term more accurately encompasses a wider range and history of procedures for modifying biological organisms according to the needs of humanity, going back to the initial modifications of native plants into improved food crops through artificial selection and hybridization.

The most modern techniques in biotechnology owe their existence to the discovery of DNA and several techniques essential for gene cloning.

Articles:

Cost of New Biologic Therapies

 http://gardenofhealing.net/Articles/2006/11/11/cost-of-new-biologic-therapies-pegged-at-12-billion/