Coming to the point, it is simply a sham proliferating under the aegis of applicative biology. Theoretically, it is a result of ingraining some of the basic concepts from all plausible fields of biological sceinces into one subject. Nothing different and nothing new.
And then, the word 'technology' fits in to the word only if by technology you mean how to handle big machines, churn out some biological specimen and do balh blah blah. If you think you can apply something analytical or likewise, you are cozened.
If you are now thinking of some fields like systems biology and bioinformatics, let me tell you one thing- these topics are more of a part of departments of computational mathematics, computer science or applied mathematics. You can verify it for yourself.
With all due respect, it is the thing to go for who like biology. But I am writing this beacause people are cheated under the name of some engineering course or likewise.
Now, as far as this biotech boom thing is concerned, all I have to say is that it is a bigger sham than biotech itself. After doing any course in this field, you are doomed to be jobless (unless of course you switch the field). Partial enlightenment may lead you to the (false) fact that biotech boom is in fact concentrated in US only, and will soon sanctify other countries too. Biotech boom simply means you stand good chances of going for higher studies in some developed countries in Europe and US.
Finally, let me tell you one thing- things are hyped up. And biotechnology is no exception. The links in first sentence of this post can vouch for it. The reasons - public attention and funds. This is the very same reason the US government lies about the number of cases of terrorism in US every month or every year.
For the time being, I won't say much. Just to sum up the things-
Myth#1: There is no biology in biotech.
Myth#2: Biotech boom is coming.
Fact: Go for it if and only if you like and love biology and are prepared to invest some good years in research.
[And I hate it for beginning this blog with such a topic.]