New Medicines
One of the major barriers to new medicines (stem cells etc) is actually being able to make enough of them. If my work on biological manufacturing succeeds then new medicines will be available to you and your family to help them cope with or fight off diseases.
Your pension
When you retire you will expect a pension. Where does that money come from? Magic? David Cameron? No. It comes from profits made by your employer investing in UK companies. The more successful those companies are, the better chance you have of getting a pension. If my work helps UK companies to be successful, then it helps pensions funds.
Developing countries
Manufacturing medicines is very expensive, so many developing countries (such as Jamaica or Sudan) must import them and rely on foreign companies to offer them medicines at a price they can afford. If manufacturing of medicines was made much cheaper, then developing countries might be able to make their own medicines, which would be much cheaper for them. This would increase the wealth, prosperity and stability of the country. As an individual, this will make you more likely to visit these places for a holiday, or maybe even stay there to work!
It is difficult to tell in advance what the long terms effects might be, most science is like this, and it can be very unpredictable.
However, some effects might be that drugs (to treat cancer for example) are quicker, cheaper and easier to develop because unnecessary and boring work that people might do can be done by computers instead.
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