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Jun. 18, 2024 Source: Bayer news release Chicago, USA - Bayer aims to launch ten blockbuster products in the next ten years to support farmers worldwide, the company announced at its 2024 Crop Science innovation update in Chicago. Each blockbuster is expected to contribute more than 500 million euros of the over 32-billion-euros peak sales potential in the R&D pipeline - unparalleled across the global agricultural industry. Farmers will benefit from new technologies that will help them produce more while restoring nature through innovations that power regenerative agriculture. Bayer is on its way to scale regenerative agriculture on more than 400 million acres globally by the middle of the next decade. The company considers regenerative agriculture as an outcome-based production model, with improving soil health as a key component, leading to increased resilience. Other key aspects include increased productivity; adaption and mitigation of climate change through reductions in greenhouse gas emissions; increased carbon sequestration in the soil; maintaining, preserving or restoring on-farm biodiversity; conserving water resources through improved water retention, reduction in water run-off, as well as improved social and economic well-being of farmers and their communities. In addition, Bayer is capitalizing on the opportunity to double its accessible market to more than 200 billion euros, driven by global market growth and investments into ag-adjacent spaces like biofuels, crop fertility, as well as digital platforms and marketplaces. "Agriculture needs to change for the better, there's no relying on what has been working in the past. We deliver a combination of unmatched innovation that goes hand in hand with key regenerative practices to help address two of the biggest challenges of our time: ensuring food security for a growing population and fighting climate change," said Frank Terhorst, Head of Strategy and Sustainability at Bayer's Crop Science Division. Bob Reiter, Head of R&D, added: "The age of single and isolated technologies is over. We are focusing on closely connected agricultural systems that combine seeds, traits, crop protection and digital solutions in a smart way to benefit the farmers and the environment. To this end, we are leveraging key technology platforms like gene editing, precision breeding, small molecules and biologicals to deliver products that farmers need to make agriculture more productive while reducing the carbon footprint and fostering biodiversity at a global scale." Unparalleled R&D pipeline as a basis for a systems approach to solutions Bayer's R&D pipeline is driving the transformation to regenerative agriculture through three pillars. The first is through an annual portfolio refresh of new germplasm and new crop protection formulations that help farmers compete in a changing environment, which contributes over half the value of the portfolio to fuel core business growth. "This includes the deployment of 400 to 500 seed hybrids and varieties annually. For crop protection, we expect to introduce 90 to 100 new formulations over the next decade," said Bob Reiter. Smart technologies for corn production Soybean systems with improved resistance mechanisms Transforming the cultivation of the world's most important food crops Introducing CropKey to develop next generation crop protection products like Icafolin Biologicals are complementing synthetic products AI is speeding up R&D and delivering digital offerings To read the entire report click here. Tweet |
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