beginning in the mid-1970s. Each new scientific advance became a media event designed to capture investment confidence and public support. Although market expectations and social benefits of new products were frequently overstated, many people were prepared to see genetic engineering as the next great advance in technological progress. By the 1980s, biotechnology characterized a nascent real industry, providing titles for emerging trade organizations such as the Biotechnology Industry Organization (BIO). The main focus of attention after insulin were the potential profit makers in the pharmaceutical industry: human growth hormone and what promised to be a miraculous cure for viral diseases, interferon. Cancer was a central target in the 1970s because increasingly the disease was linked to viruses. By 1980, a new company, Biogen, had produced interferon through recombinant DNA. The emergence of interferon and the possibility of curing cancer raised money in the community for research and increased the enthusiasm of an otherwise uncertain and tentative society. Moreover, to the 1970s plight of cancer was added AIDS in the 1980s, offering an enormous potential market for a successful therapy, and more immediately, a market for diagnostic tests based on monoclonal antibodies. By 1988, only five proteins from genetically engineered cells had been approved as drugs by the United States Food and Drug Administration (FDA): synthetic insulin, human growth hormone, hepatitis B vaccine, alpha-interferon, and tissue plasminogen activator (TPa), for lysis of blood clots. By the end of the 1990s, however, 125 more genetically engineered drugs would be approved. The 2007–2008 global financial crisis led to several changes in the way the biotechnology industry was financed and organized. First, it led to a decline in overall financial investment in the sector, globally; and second, in some countries like the UK it led to a shift from business strategies focused on going for an initial public offering (IPO) to seeking a trade sale instead. By 2011, financial investment in the biotechnology industry started to improve again and by 2014 the global market capitalization reached $1 trillion. Genetic engineering also reached the agricultural front as well. There was tremendous progress since the market introduction of the genetically engineered Flavr Savr tomato in 1994. Ernst and Young reported that in 1998, 30% of the U.S. soybean crop was expected to be from genetically engineered seeds. In 1998, about 30% of the US cotton and corn crops were also expected to be products of genetic