Absolutely; Neal Stephenson's latest book ("The Rise And Fall Of D.O.D.O.") touches on this, in asking what series of "small" changes it would take to unravel the modern world. Was a good read.

From where you sit, what is the impact of the intermix between those two technologies?

As a layperson, I can see tailor-made medications becoming cheap and common over the long run. Not only might that read "goodbye, cancer!", but also mitigate the resultant threat of biological warfare.

After all, if you can cook up tailor-made anticancer and antiviral drugs in a machine at Walgreens, then you can counter a tailor-made bioweapon pretty easily.

Food production is another obvious boost, so we might have a second Norman Borlaug that once again lifts the carrying capacity of Earth. We can probably also assume foods engineered to grow in extreme environments.

From that, you also get biological air and water recycling for spacecraft, and that's just the tip of the iceberg.