We should control how biotechnology develops. There are many useful things that have come out of this technology. However, when they start to "play God" it becomes immoral. Even if great discoveries come out of it, it is not worth the immorality of it all. Some people disagree, but many believe so.
The reason biotechnology should have strict regulations is because there is a very dangerous aspect to it. Look at biological weaponry, for example. We all see how that goes once it gets into the wrong hands. This is very delicate and, with one misstep, can turn deadly on a large scale.
The problem with biotechnology is that when you begin to effect the genetic makeup of organisms, you can create unintended consequences which may not be immediately apparent, or may not appear until a few generations down the line. The creation of designer baby's marks the end of humanity in the sense that people will increasingly become more like consumer products than individuals. Openly pollinated GMO food like corn has the ability to spread on air currents and contaminate crop land. The risks of biotechnology are real and should be controlled tightly, if not in many cases banned out right.
No, the development of biotechnology should not be strictly controlled, because if it is controlled, it will never happen. The government cannot regulate everything, because then the inventors will be afraid, or they will not have the ability to invent around all of the regulations. People should just let the market do its work.