It can be described as a noun phrase with a main clause;
Biotechnology is of crucial importance / crucially
important in the future development.
[ noun, subject ] [ present tense verb ] [ preposition adjective noun / adverb adjective ] [ conjunction ] [ definite article ] [ adjective noun, object ]
I have to say neither phrase really makes sense to me. The "of crucial importance" and "crucially important" parts are both fine, it is the object that they are describing that makes it confusing.
The noun at the start on the sentence is fine, the adjectives are in the middle, but then the adjectives are supposed to describe something.
However, "future development" is preceded by a definite article, "the" which refers to a particular future development. Now if this is a well know project, like TO (not in) THE (well known project) FUTURE DEVELOPMENT, then that would work. However, if this is indefinite and is supposed to mean "any future development in this field", then the sentence should be phrased;
biotech is of crucial importance to all future developments [in this field?]
biotech is crucially important to a specific future development [which is?]
So the adjectives/adverbs are fine, the noun phrase is well constructed, but the subject should clearly refer to an object, but the object is too vague and the article referring to the object needs to either be definite (referring to a specific development) or indefinite (in which case the developments need to be generic). The preposition "in" also is misleading and can't really be used to refer to a development.