Regarding products, I'd divide biotech into three very broad categories, medical, industrial, and food. Medical biotech is generally the most well-established, from Genentech (now Roche) on down to the companies being created today. Most of that work are novel and very promising therapies for a range of diseases, and diagnostics/prognostics to detect and track disease states. Both are generally at the level that's popularly known as "personalized medicine" (specific to your genome, epigenetics, and in some cases microbiome). Some of the diagnostics in development and hitting the market now would be considered sorcery just five years ago.
Industrial biotech is harnessing biological and biochemical processes for industry and production. That's much smaller but growing fast; people outside the industry would be shocked to discover what chemicals and other products can and will be produced simply by fermenting various microbes. Zymergen is one company doing this, and among the biggest but by no means the only one.
Recently there's been a surge in biotech-based food production. Most people don't realize that the Impossible Burger (and other products from Impossible) taste so "meaty" because it contains transgenic yeast that secretes cow heme. There are companies that are creating cow dairy products from transgenic yeast - you can actually buy their ice cream today - and companies like Memphis Meats are working on cell-cultured meat, made entirely from animal-free processes , minus the initial cell biopsy. Same with Finless Foods. All of the above are within a couple miles of each other, and these are only a few examples.