Technology and Innovation, Vol. 16, pp. 259–269, 2014
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DOI: http://dx.doi.org/10.3727/194982414X14138187301777
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Leadership Role of Nanotechnology
Innovation in Economic Development
and Governmental Policy
Samuel M. Rapaka,* Anastasia Groshev,† Yashwant V. Pathak,* and Vijaykumar B. Sutariya*
*College of Pharmacy, Department of Pharmaceutical Sciences,
University of South Florida, Tampa, FL, USA
†Morsani College of Medicine, University of South Florida, Tampa, FL, USA
Nanoparticle technology is implemented in a wide variety of industrial fields, including electronic
devices, solar energy systems, stain-resistant fabrics, and even in medical biotechnology dealing with
targeted drug delivery. The commercialization of nanoparticle technology has a large impact on the
economy in regard to growth and expansion of pharmaceutical and electronics industries, enhanced
workforce training and education, and an increase in the number of jobs associated with development
of nanotechnology. The Organisation for Economic Co-operation and Development estimate a global
output ranging from US$1 trillion to US$3 trillion in manufactured goods incorporating nanotechnology
and over 2 million new jobs. The future of the growth of nanoparticle technology relies on innovation by increasing industrial financial resources allocated to research and development and partnerships with universities. In 2013, the federal budget provided $1.8 billion investments in the National
Nanotechnology Initiative, a central agency engaged in nanotechnology research and development,
which added to the $18 billion of federal investments since 2001. The large increase in nanotechnology innovation can be assessed by the 150% increase in nanotechnology patent literature since 2006.
Government policy regarding nanotechnology is handled by the agencies responsible for the consumer
product. The food and drug administration (FDA) handles most of the healthcare applications, but there
is a call for more regulation of nanotechnology in other fields in fear of any long-term effects from exposure. Together, the economic development, innovation, and government policy will dictate the future
growth of nanotechnology in the US and worldwide.
Key words: Nanotechnology; Nanomaterials; Economic development; Government policy
INTRODUCTION
uses, they have many biomedical applications in targeted drug delivery.
The National Nanotechnology Initiative (NNI)
defines nanotechnology as research and technology
on a scale of 1- to 100-nm range at atomic, molecular, and macromolecular levels, which can substantially differ based on the material and functional
application (17,23,25,28). Nanoparticles have a
variety of unique assets, such as structural, thermal,
quantum, and electromagnetic properties, that make
Nanoparticle technology has become a valuable
asset in a wide variety of industries and industrial
products due to its ability to deviate from properties of the bulk material based on the particle size,
making it useful in a wide variety of applications.
Nanoparticle materials are used in a variety of commercialized goods from polymers used in fabrics
to sporting goods, helmets, cosmetic products, and
electronic products. In addition to these industrial
Accepted September 15, 2014.
Address correspondence to Vijaykumar B. Sutariya, Department of Pharmaceutical Sciences, College of Pharmacy, University of South Florida,
MDC 30, 4202 E. Fowler Avenue, Tampa, FL 33612-4749, USA. Tel: +1-813-974-1401; Fax: +1-813-974-9890; E-mail: vsutariy@health.usf.edu
259
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them useful in a variety of fields and applications.
The ultrafinite size of the particles allows them to
be more easily absorbed into biological membranes,
making them a sought-after vehicle of drug delivery by the pharmaceutical industry. At a low particle size, the thermal properties of the material can
deviate from that of the bulk material, which has its
own applications in altering the melting points and
improving performance of materials such as ceramics (17,22). The electrical properties along with particle size make nanoparticles useful in making small
and thinner electronic devices. Further, the performance of these products can be improved by having raw materials with high dielectric constants, a
property that tends to increase considerably at finite
particle size (17). These are some of the quantum
effects on a material’s properties that allow nanoparticle technology to be implemented in a wide
variety of industrial fields as well as in the medical
and biotechnology industry.
Founded in 2000, the NNI has been a launching pad for the rapid development of nanotechnology in the US. The 2015 Federal Budget provides
$1.5 billion for NNI with cumulative investments
since the inception of NNI of $21 billion (24). In
return, NNI can boast of countless breakthroughs in
a variety of areas such as electronics, energy, food,
agriculture, health, infrastructure, and nanobiology.
One of the examples of NNI-funded projects is the
development of a nano-assisted, intraoperative brain
tumor therapy wherein a nontoxic two-photon photodynamic nanoparticle can be used for labeling
of the tumor for precise tumor debulking surgery
(8,15). Nanotechnology has been experiencing rapid
growth and, with the direction of NNI, it is expected
to be a significant economical contributor offering
solutions to current challenges in many different disciplines. Between 2000 and 2020, it is expected that
a rapid advancement in foundational knowledge and
application of nanomaterials will happen that can be
divided into four phases (27). The first 5 years after
the NNI was developed gave rise to passive nanostructures such as coatings, nanoparticles, and ceramics. The second 5 years has been a transition to active
nanostructures such as amplifiers and targeted drugs
(27). The next 10 years have been predicted to be the
shift into nanosystems with applications in robotics
and molecular devices (27). As a field developing
on a canvas of interdisciplinary collaborations, it is
shaped by multiple factors such as economic development, innovation, and government regulation.
In return, nanotechnology impacts the economy in
a complex network of interactions of international
government, large companies and small startup companies, marketing, and academic research.
INNOVATION
Financial Resources for Economic Growth and
Development of Nanotechnology Field
In the US, the first surge to advance nanoscale science and engineering started in October
1998 with the establishment of the Interagency
Working Group on NanoScience, Engineering and
Technology (IGWN) by the National Science and
Technology Council (NSTC) (10). This eventually
led to the NNI, which proposed an initial 56% in
federal funding with priorities of expediting longterm research, application of materials to innovate
technologies, education, and also addressing societal implications (26).
National Nanotechnology Initiative
The federal government has taken the role of
funding research and development through the
NNI, as well as by assisting companies through several grants such as the Small Business Innovation
Research (SBIR) grant (21). The government hopes
that by offering these grants, they can fund research
and development and help small businesses to
bridge the gap between development and commercialization known as the “valley of death.”
Another program to assist companies in bridging this gap is known as the Advanced Technology
Program, which was designed to help companies
invest in long-term early stage research to develop
innovative technologies, a high-risk aspect of innovative approaches. The NNI investment since 2001
now totals almost $21 billion, and additional investment in research dealing with nanotechnologyrelated environmental and health research totals nearly
$900 million since 2005 (21). In addition to these
federal/industry partnerships, additional advancements in innovation are made at the industry/state
level, which include partnerships with university
LEADERSHIP ROLE OF NANOTECHNOLOGY INNOVATION
research programs. Companies such as Albany
Nanotech, based at the University of Albany, have
various partnerships with over 100 companies (as
well as the state of New York) and have yielded $1.6
billion toward research and development. These
investments have helped Albany Nanotech develop
facilities and tools that can help these companies in
collaboration with Nanotech to overcome their own
barriers to development (21). This unique collaboration between state, corporate, and universities has
helped each party make advancements toward their
short- and long-term development goals. Because
nanotechnology is often considered a high-risk invest­
ment, its further development relies on the continued federal support for long-term development, but
it is the industries’ job to capitalize on this support
through commercialization. The increased number
of patents related to nanotechnology, and processes
involved in its development and applications, have
been a positive result of this increased federal and
corporate investment. From 2000 to 2008, the estimated growth rate in nanotechnology patent applications was 34.5% (21).
Federal and Corporate World Collaborations
The innovation of nanotechnology is driven by
federal–corporate collaborations through the NNI
and other various grant initiatives that provide funding for research and development of nanotechnology. The innovation is furthermore expanded in
state–corporate collaborations with universities and
other smaller businesses. The final goal of these collaborations is increased efficiency of investments in
helping companies bridge the gap between development and commercialization.
The NNI can be seen as a US response to the
beginning of the global race between the world’s
economies in developing nanotechnology programs
(10). During this time, the worldwide investment
in nanotechnology by government organizations
increased about ninefold from 1997 to 2005 (27).
The European Commission is the largest funding
organization of nanotechnology research in Europe,
investing nearly 1.3 billion euros from 2004 to 2006
(10). Other significant funding comes from Japan,
Germany, France, and South Korea, respectively
(10). The US still leads all expenditures with nearly
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3 billion euros in 2004 and 2005 alone compared to
the 2.3 billion euros for Japan and less than 2 billion
euros for Europe (10). The gap between Europe and
the US total funding is explained by the large role of
the private sector in funding. In the US, the private
sector accounts for 60% of total funding, whereas
Japan’s private sector accounts for more then two
thirds of funding (10). For all other countries, mainly
the emerging Asian countries, the private sector
accounts for 40% of expenditures (10). The venture
capital investments share in the total investments has
increased more than 2% from 1999 to 2005 (10). The
venture capitalists mainly have an interest in nanobiotechnology, followed by nanomaterials and nanodevices. Specifically, the balance of public and private
funding in the US creates a market where companies
can meet demand in new and creative ways, create
new jobs, and expand into new venues.
NNI and US Universities
The NNI has helped make major advancements
in the nanotechnology field through federal investments, but states and regional economies are hoping to become boosted by American universities
through the convergence of university and industrial
research (29). This promotes additional investments
by universities as they seek to be at the forefront of
research and secure support and resources. Although
there has been a considerable amount of growth of
nanotechnology in the industry, it is still emerging in university settings. The challenges of costly
facilities and assembling the wide arrangement of
staff to deal with the interdisciplinary aspects in
an organized manner are a few of the challenges to
face academia. The University of Albany School
of Nanotechnology is a unique example in which
entrepreneurs stepped in to bring resources and
ideas to create a complex that would eventually contribute to the regional nanoelectronics cluster (29).
The university’s new School of Nanotechnology did
not seek a close relationship with any corporation
but instead looked toward establishing broad interorganizational partnerships where various firms
with complementary goals could work together to
contribute to a higher platform. This creation of
the School of Nanotechnology for close work with
the industry and collaboration of experts in various
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fields demonstrates the trend of fusion of sciences
and the field in nanotechnology that is necessary for
further growth and development (12).
Military and Defense Applications
of Nanotechnology
The commercial uses of nanotechnology show
great promise to improve many industrial fields and
the economy. These improvements have also been
translated into defense applications that can possibly
change the future of weaponry and warfare. The main
goal of military nanotechnology research is for the
improvement of medical care and enhanced protective equipment (2). Through the use of nanomaterials, the defense industry aims to produce lightweight,
durable, and functional body armor. The Institute
for Soldier Nanotechnologies (ISN) is developing
jumpsuit-style outfits that incorporate these nanomaterials, which surpass the strength of current materials, as well as the integrated ability to protect against
biological and chemical warfare (16). These nanostructures, specifically engineered with large surface
areas containing highly reactive functional groups,
can improve the sensitivity and reaction time of current biological and chemical sensors (1,16). These
suits are being developed to include health monitoring systems, adaptive camouflage, self-repairing
material, as well as stealth coatings (2,30). One of
the first steps toward the health-monitoring systems
are screen-printing sensors (University of California)
placed on the waistband of underwear, which can
monitor biomarkers in the sweat of the person (32).
Biosensors are also being utilized beyond body armor,
enhancing current defense technologies including the
development of highly sensitive thermal sensors,
high-performance camera systems, and improved
GPS systems for position sensing (2).
The range of applications that are currently in
research and development includes improved vehicles, robotics, and whole new classes of weapons that
can transform the future of warfare. New classes of
weapons currently under development include highprecision lasers, like those depicted in the fictional
“Star Trek” series, that can be set to stun or kill enemies (19). This precise laser is one example of the
new age of nanotechnology-inspired smart weapons
that aim to decrease the amount of civilian casualties. Nanotechnology has the potential to completely
change the defense landscape from the military equipment to weaponry to the way we regulate warfare.
Measurement of Development in the Field
of Nanotechnology
The measurement of the development of nanotechnology can be clarified with the help of the
Techno-Economic Network (TEN), which provides
a framework to analyze the innovation of nanotechnology (12). The concept is organized around three
components—science, technology, and market—
with all playing a direct role in the developmental
process (see Fig. 1). Each component has its own
supporting agencies involved and its own measure
of development. The scientific component can be
assessed through publications, the technology component can be measured with patents, and the market
component can be assessed through market studies
(12). Therefore, we can survey the measurement of
development of nanotechnology by assessing each
of the components individually.
From the scientific aspect of nanotechnology innovation, the agencies involved are industrial and academic labs and can be evaluated through publications.
The number of publications is an appropriate indicator
of scientific output in the field, but it should also be
noted that the quality or impact of a paper, measured
by how often it is cited, should be taken into account
when assessing the influence of publications on the
field of nanotechnology (10). The overall growth of
nanotechnology publications is continuous, but more
remarkable is the increase in publications from China
and India (4). In 2000, the US led the publication
contribution accounting for 27% of papers, followed
by Japan (14.5%) and China (9.8%). In 2009, China
led the way, accounting for 23%, followed by the US
(21%) and Japan (9.8%). With the number of publications on an exponential rise in Asian countries,
the number of the top 1% of cited works is still led
by the US with 257 papers, followed most closely
by China (with 132) and Germany (with 103) (25).
As the amount of publications has risen globally, the
number of countries rising to competency in the scientific research initiative has also increased.
The technology aspect of nanotechnology innovation can be assessed through patents. Patents reflect
the ability to transfer scientific results into technological applications and are a preliminary phase between
LEADERSHIP ROLE OF NANOTECHNOLOGY INNOVATION
263
Figure 1. Nanotechnology development. Three areas of development include science, technology, and the market.
Each area can be assessed based on its respective factors. The development of science can be measured via number
of publications, citations, and the number/type of topics. Technology development can be measured in number of
patents, and the success of the market is usually measured via market studies, business relations, and revenue.
research and economic exploitation. According to
the European Patent Office (EPO) worldwide patent
database, there is a trend of an increasing number of
nanotechnology patents (see Fig. 2). According to the
EPO data on nanotech patents, the number of patent
families has increased continuously through 2006 but
with no real takeoff (10). Although the growth of the
number of patents is not dramatic, there is a steady
increase of patents since 2005, most likely due to
increased collaborations between research institutions
and the industry worldwide (see Fig. 2). However,
growth is not even throughout the branches of nano­
technology—the largest group of patents belonged
to nanoelectronics (29%), followed closely by nanomaterials (25%). From 2000 to 2008, the number
of patented nanotechnologies increased 34.5% (6).
In this time period, the US led the global market in
patents, followed by China, Japan, Germany, South
Korea, and France (6). The patents allotted for nanotechnology have been increasing significantly. China
is leading the countries in number of patents being
awarded (see Fig. 3). The energy sector has also
gotten a major boost due to nanotechnology, and the
growth has been phenomenal in the energy sector
due to nanotechnology worldwide (see Fig. 4). Many
other industrial sectors also show improvement and
growth (see Fig. 5), including nano-optics, nanobiotechnology, nanomaterials, nanomedicine, and other
industrial products.
The transition from research and development to
industrial output is the last aspect to analyze when
measuring the development of nanotechnology. The
economic significance can be measured by market
volume and shares but is not easily identified due to
its presence in a wide range of industries (10). There
are very different projections of market volume from
numerous resources looking at the same time period
from 2000 to 2015 (10). The different forecasts have
very different market values at the end of this trend,
but they all show a substantial increase in the market
in 2010. The most optimistic projection for 2015 is
by Lux Research in 2004, which projected a market
value at 2.6 trillion; the moderate value, 1 trillion, is
predicted by the National Science Foundation (NSF)
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Figure 2. Growth in the number of patents worldwide, according to the European Patent Office.
(10). Both of these projections predict a period of
substantial market growth in nanotechnology followed by an increase in market value, highlighting
the increasing economic significance of nanotechnology. The transformation of technology is also
reflected in the number of nanotechnology articles
written in different languages (Table 1) and the 10
conferences with highest number of nanotechnology
articles (Table 2).
ECONOMIC IMPACT OF
NANOTECHNOLOGIES
Fields of Major Development and Application
of Nanotechnologies
The exclusivity of nanoparticle technology lies
in the quantum effects and properties of particles
being constructed at a nanoscale (1–100 nm).
Properties such as melting point, fluorescence,
Figure 3. Number of patents given country-wise, showing China leading the competition based on number
of patents allotted to Chinese companies and scientists.
LEADERSHIP ROLE OF NANOTECHNOLOGY INNOVATION
265
Figure 4. Growth of nanotechnology innovation in the energy sector (7).
chemical reactivity, conductivity, and magnetic
permeability deviate from that of the bulk material,
providing scientists with unique materials with a
variety of applications in commercial and biotechnological fields, such as commercial goods, electronic technology, sustainable energy, and medical
technology (22). The ability to engineer materials
with specific properties by tailoring particles at a
nanoscale is very useful in creating a variety of
polymers that can be used in sporting goods, fabrics, and ceramic coatings to reduce weight and
increase durability (22). Nanotechnology in electronics is used to make more powerful transistors,
polymer films used in television and computer
displays, and many other materials used in memory chips and other small household electronics.
Nanotechnology is even breaking into the energy
industry to improve solar panels, batteries, and
windmill blades, and speeding up the process of
development of clean energy, and medical technology takes advantage of the small scale of nanoparticles for applications in drug delivery and
molecular imaging (20). For example, today, in our
electricity-dependent world, batteries play a very
important role in many different types of equipment, ranging from cellphones to hybrid car batteries. Using nanomaterials, a rapid discharge battery
has been proposed and is expected to become
Table 1. Number of Nanotechnology Articles Written in
Different Languages
Figure 5. Patents granted in nanotech by sector (18).
Language
No. of Nanotechnology Articles
Percentage
English
Chinese
Japanese
German
Korean
French
821,684
14,999
1,048
665
481
471
97.67%
1.78%
0.13%
0.08%
0.06%
0.06%
Read more: An overview of journals publishing nanotechnology articles http://www.nanowerk.com/nanotechnology-news/
newsid=35778.php#ixzz3FNGmKb5x
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Table 2. Ten Conferences With Highest Number of Nanotechnology Articles
No.
1
2
3
4
5
6
7
8
9
10
No. of
Nanotechnology
Articles
Conference Title
Spring Meeting of the European Materials Research Society
International Conference on Nanoscience and Nanotechnology
International Conference on Solid State Devices and Materials
Spring Meeting of the European Materials Research Society
Meeting of the European Materials Research Society
International Conference on Luminescence and Optical Spectroscopy of
Condensed Matter
6th International Conference on Nanoscience and Technology
16th International Conference on Science and Technology of Synthetic
Metals 2000
International Conference on Magnetism 2003
10th International Conference on Modulated Semiconductor Structures
489
387
350
258
230
211
202
198
197
195
Read more: An overview of journals publishing nanotechnology articles http://www.nanowerk.com/
nanotechnology-news/newsid=35778.php#ixzz3FNH50pjk
available on the market within a few years (13).
Another example is the development of the nontoxic two-photon photodynamic nanoparticle that
can be used for tumor debulking surgery (8,15).
Thus, nanotechnology is being utilized in a wide
variety of commercial fields, but to assess the economic impact, we must look at how the technology is affecting the global economy and explore
the geographical diversity of the technology being
developed.
Over the past century, much of the growth in the
US economy has been in the high-value technology industries, such as information technology and
biotechnology, whose expansion can be driven by
advances in nanotechnology, as well as increased
incorporation of nanotechnology to increase the
efficiency of novel products (6). Many of these
advances are due to the federal investment in nano­
technology-related research and the development
program NNI. The NNI aims to create positive economic returns through increased jobs, trade, and an
increased number of jobs in nanotechnology industries (6). A report by Lux Research, Inc., comparing
gross economic output of nanotechnology and its
impact on the economy, as well as predicting future
trends, estimates that nanotechnology accounted
for $158 billion in global product revenue and predicted that by the year 2015, nanotechnology would
account for 2.6 billion in global product revenue,
which would account for 15% of global gross
manufacturing output (5,6). The large increase in
commercialization of nanoparticle technology could
have a tremendous impact on the various industries
and must be met with enhanced workforce training
and education, as well as the creation of new jobs.
Globalization and Geographical Diversity
of Major Contributors in the Field of
Nanotechnology
The US has been the leading contributor in the
field of nanotechnology for the last two decades.
The establishment of the NNI was one of the major
steps toward the growth of nanotechnology in the
US, and since then more countries have developed
their own initiatives that will contribute to their
presence in the global market (5,9). Influential studies have predicted nanotechnology as a key technology that will drive global competition, with the
estimated global market value for nanotechnology
in 2010 at $15.7 billion expected to rise to nearly
$19.6 billion in 2015 (4).
Japan, one of the world leaders in nanotechnology
advancement, has devoted its research and development to five major fields: information and telecommunications, environment and energy, medical and
biotechnology, manufacturing, and nanomaterials
(14). The Nanomaterials Working Group (NWG)
suggested that Japan focuses on these fields in particular in hopes of transferring its basic research into
industrial rejuvenation. Thus, in Japan, similar to
the NNI in the US, NWG provides the platform for
LEADERSHIP ROLE OF NANOTECHNOLOGY INNOVATION
nanotechnology development. On the other hand,
South Korea demonstrated remarkable growth in
its contribution to nanotechnology within the last
decade, mostly via the initiative of the industry itself.
Korea is one of the top countries in numbers of publications and patents where major patent applicants
include well-known companies such as Samsung
Electronics Co. and LG Electronics (5,6). Taiwan
experienced almost exactly the opposite situation.
Owing to a lack of large companies that could afford
research and development of nanotechnologies,
government regulation has successfully funded and
steered the industry toward development of nanomaterials, securing Taiwan’s place in electronics
and nanotechnology (11). Taiwan demonstrated how
government has assisted the development of new
technology and helped overcome financial barriers
by providing incentives to the industry.
Progress of nanotechnology has been primarily
led by countries who are members of the Organisa­
tion for Economic Co-operation and Development
(OECD), including the US, Japan, South Korea,
Germany, Canada, Netherlands, France, Mexico,
and the UK, among others (6). The objectives of the
OECD are to provide solutions in high technology,
applications of nanotechnology in pressing concerns
in developing countries, such as water purification,
agriculture, and energy, and to inspire developing
countries to invest their resources in the development of nanotechnology (4).
Outside of the OECD countries, China and India
have made great strides in the field of nanotechnology to establish competency in this high-technology
area (4). China has demonstrated the most rapid
growth rate in publications and patents (5). As far as
the international market for nanotechnology products and processes, there are a total of 1,317 products/
product lines in the W. Wilson database. Of these,
the US leads the pack with 587 products followed by
Germany, Korea, China, and Japan with 168, 126,
55, and 51 product lines, respectively. The majority
of these products (60%) are in the health and fitness
sector, but other areas that dominate the global market include home and garden, the automotive sector,
and medical technology-based applications (4). One
of the strengths of China’s contribution to nanotechnology is the development of basic nanomaterial
coatings that can be made into carbon nanotubes for
bulletproof vests and antielectromagnetic material.
267
India has been improving technologies in medicine
and the development of technologies for sustainable
energy using efficient semiconductors used in solar
cells as well as carbon fiber used in rotating fans
that generate wind power.
Active participation in advancement of the field
internationally will create a global market for nano­
technologies. In a sense, the progress in nanotechnology creates a race to secure patents and a
foothold in the market, which provides some security for future business. The geographical diversity
may create additional challenges as the governments may seek different levels of regulation of
trade and development in their own country. At this
time, it may be wise to learn from the lessons of
marketing globalization. The processes and regulations specific to nanotechnology would have to
be established. Nanotechnologies for application in
healthcare are expected to come under more severe
scrutiny of regulation from the government and may
be the most challenging to establish (3).
GOVERNMENT REGULATIONS
The increased production of nanoparticles and
nanomaterials and increased use in commercialized products has produced a new issue dealing
with regulation of this technology with regard to
environmental, health, and safety concerns (31).
Although there is little consensus about the risk of
these technologies, certain toxicological data reports
have led to concerns about the effectiveness of the
current forms of regulation on nanotechnology
(31). The new approach, nanospecific regulation,
is currently being carried out by existing regulatory agencies. Currently, the regulation of nanoparticle technology has been delegated by the OECD
to two parties: the Working Party on Manufactured
Nanomaterials (WPMN) and the Working Party
on Nanotechnology (WPN). The WPMN’s agenda
includes the creation of a database on human health
and environmental safety research, safety testing of
manufactured nanoparticles, and developing risk
assessment approaches to put various nanomaterials
through (31). The WPN objectives seek to involve
the public through outreach activities that educate about the role of nanotechnology in addressing global challenges and to facilitate international
research collaborations (31). The International Risk
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Rapaka ET AL.
Governance Council (IRGC) and the International
Council on Nanotechnology (ICN) are just two of
the many governing bodies focused on the development and governance of nanotechnologies.
For the full potential benefits of nanotechnology
to be commercialized, many of the regulatory challenges associated must be addressed so that growth
will not be affected. The pressing long-term solution is to tackle the unknown scientific and systemic
aspects of the technology (31). However, the need
to uncover these uncertainties should not inhibit
the growth of nanotechnology, as the multiparty
jurisdiction can provide a framework for managing
risks (31).
CONCLUSION AND FUTURE
PERSPECTIVES
Nanotechnology is a broad term describing a
collection of different technologies and processes
that involve nanoscale particles whose properties
deviate from bulk material, thus allowing them
to be engineered for a variety of applications.
Nanoparticle material is used in a variety of commercialized goods from polymers used in fabrics
to sporting goods, helmets, cosmetic products, and
electronic products. In addition to these industrial
uses, there are many biomedical applications in targeted drug delivery. The growth of nanotechnology
is dependent on its economic impact, innovation,
and government regulations. The economic impact
can be measured in the many fields of development
and applications as well as the growth of nanotechnology on a global scale. Nanotechnology innovation can be measured by examining the increase in
publications, patents, and market growth. The NNI
is considered the starting point in the race for the
development of nanotechnology and played a major
role in urging other countries to develop their own
forms of public funding. As developed countries
invest in nanotechnology for the advancement of
higher technologies, developing countries tend to
channel their resources toward advancing nanotechnology for its uses in pressing concerns such as
water purification and agriculture.
The future of nanotechnology, its growth and
development will be reliant on many factors. With
continued public and private funding, the research
and development in the field of nanotechnology will
continue to expand. Global competition between
the US and China will push the advancement of the
field, and the future publications and patents will
only further increase. The commercialization of
nanotechnology is still in its infancy, however, and
the expectation is that it will continue to grow and
become a larger part of the global economy. As nanotechnology becomes a larger part of the economy,
more regionally technological areas will work with
universities to collaborate and invest in their own
research and development as well as the development
of a future nanotechnology-savvy workforce. As
with any rapidly expanding field, societal concerns
(including health and environmental) will present
a challenge to the advancement of commercial use
of nanotechnology. However, as nanotechnology
moves into a phase of substantial market growth,
there will need to be an increased investment placed
on researchbased on evaluating the risks associated
with emerging technologies and standardization of
regulations of the new nanotechnologies.
ACKNOWLEDGMENT: The authors declare no conflict of
interest.
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