The document discusses various US and European regulatory agencies that oversee different aspects of biotechnology. The FDA regulates food additives and drugs. The EPA regulates genetically modified crops and water quality. The EPA, FDA and USDA regulate environmental releases of genetically engineered organisms. Patents regulate drugs by requiring them to be functional with no malfunctions. New streamlined drug approval processes in Europe have reduced approval times from four years to one. Europe has the most applicants for cancer therapy patents because purification steps are often individually patented. Firms should evaluate all aspects of production after the Fluvirin incident highlighted regulatory issues. ESTs cannot be patented because they only identify genetic locations rather than having a specific utility. Drug approvals take less time in