Modern industry having impact around old church (7)

I believe the answer is:

biotech

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'modern industry' is the definition.
I know nothing about this answer so I cannot tell whether this works.

'impact around old church' is the wordplay.
'impact' becomes 'bite' (I can't explain this - if you can you should give a lot more credence to this answer).
'around' is an insertion indicator.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'church' becomes 'ch' (common abbreviation).
'bite' enclosing 'o' is 'biote'.
'biote'+'ch'='BIOTECH'

'having' is the link.

Can you help me to learn more?

(Another definition for biotech that I've seen is " Molecular science applied to industrial processes".)

I've seen this clue in The Independent.

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