Challenges in bionanotechnology innovation: Issues in commercialization of nanomaterials for biological and medical application

Abstract

Bionanotechnology is a multidisciplinary area that involves nanotechnology for biological application, including nanomaterials for biological and medical areas. Innovation related to nanomaterials development is challenging because of small and tiny materials and phenomena compared to bulk materials. The smaller particles of nanoparticles create a high surface area and result in reactive material, potentially toxic to humans and the environment. These issues can affect the nanomaterials' commercialization aspects, including utilizing high-end equipment and safe facilities for handling the nanomaterials and the waste. However, the harmful effects of nanomaterials application can be minimized by strategizing the research, development and commercialization activities of the nanomaterials using a systematic innovation approach and the Technology Readiness Level (TRL) approach. These activities can be planned and implemented by understanding the fundamentals of nanomaterials and their specific application. The excellent strategy of commercializing nanomaterials is lowering the risks to humans and the environment and enhancing industrial production and performance efficiency.