I propose three additions to the 2017 NAICS that would greatly improve its utility in delineating the size of the biotech sector.
First, there should be a new code clearly identifying 'production units' that manufacture protein and nucleic acid–based drugs as a subset of 'pharmaceutical and medicine manufacturing' (3254).
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An additional code may be necessary for this purpose, as well as one that anticipates the emergence of cell-free biological production systems.
Third, as there is no clear code for biofuels and no code inclusive of biodiesel, new codes should be established for biofuels to distinguish them from petroleum-based fuels.
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The only 2012 NAICS code that specifically includes biotech (541711) is used to very broadly identify businesses engaged in R&D, namely those involved in “the study of the use of microorganisms and cellular and biomolecular processes to develop or alter living or nonliving materials” (
Risk managers at financial institutions are dealing with a slew of new regulations (with more to come), and increased attention from examiners on all aspects of risk management in property lending.