The Effect of Biotech Startups on Regional Economic Growth: Evidence from Emerging Markets

Abstract

One well-known multidisciplinary subject that uses biological systems and processes to propel economic and technological breakthroughs is biotechnology. Its quick spread has made it a crucial component of the growth of the world economy. This review article's main goal is to highlight the important contribution biotechnology makes to technological advancement in a variety of economic areas. The research based on secondary data analysis for determine the result used E-views software and generate result included unit root test analysis, the regression analysis also that equality test analysis between them. The study also emphasizes the importance of biotechnology clusters in promoting economic expansion, especially in countries that are actively developing. This study includes a thorough examination of global practices, provides a country-specific evaluation, and highlights the benefits that biotechnology clusters may provide to companies and local economies. The study also develops suggestions for the development of Russia's biotechnology industry and the encouragement of local businesses to participate in biotechnology clusters.