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Genetic engineering is used to create animal models of human diseases. Genetically modified mice are the most common genetically engineered animal model. They have been used to study and model cancer (the oncomouse), obesity, heart disease, diabetes, arthritis, substance abuse, anxiety, aging and Parkinson disease.
The principal issue that I can see is that genetic engineering (or selection) may be used to change someone's genetic makeup (or the makeup of society) in ways that are questionably therapeutic.