Recently, scientists in New Zealand welcomed the newest genetically modified organism (GMO) into the world: A cute, tailless cow named "Daisy" that produces low-allergy milk. Scientists engineered the animal to address the problem of infant allergies to cow milk, which affects up to 3% of children in the developed world.

But Daisy is only the latest example of the tremendous benefits of biotechnology. Last month, scientists reported in the American Journal of Clinical Nutrition that so-called "Golden Rice"—a strain of rice genetically modified to produce more beta-carotene—is more effective than spinach as a source of vitamin A. The World Health Organization estimates that 250,000-500,000 children go blind due to vitamin A deficiency annually, and half of them die within 12 months. Providing them with Golden Rice could help prevent this tragedy.

In Africa, millions of people rely on bananas for food or as a source of income. However, a bacterium called Xanthomonas causes a disease known as BXW (banana Xanthomonas wilt) that devastates the crop. To prevent this, scientists engineered bananas with a gene from sweet pepper that provides resistance to BXW. The technology shows such promise and the threat posed by BXW is so great that last year, Uganda waived its ban on GMOs so scientists could conduct field trials in the country.

While developing countries likely have the most to gain from adopting GMOs, the developed world also has reaped benefits. Genetic modification saved Hawaii's papaya industry from the papaya ringspot virus. Yields on cotton crops in the West have also increased, while the use of environmentally damaging insecticides has decreased. "Arctic Apples," which do not turn an unappetizing brown color after they are sliced, are another recent invention.

Scientists are even devising crops to deal with global challenges such as climate change. For example, researchers are developing drought-resistant corn, and other scientists have proposed engineering plants to become more proficient at sequestering the greenhouse gas carbon dioxide. Still other groups are working on malaria-resistant mosquitoes, bacteria that produce biofuel and plants that synthesize edible vaccines.