A team of scientists, from the University of Bath's Department of Chemistry and Institute for Sustainability have found a way to create two of the world's most common painkillers, paracetamol and ibuprofen, out of a compound found in pine trees, one which is also a waste product from the paper industry.
Palladium is just incredibly efficient despite its cost. At this point, just making products from biological feedstocks is a step forward. It will take a lot more work to reduce reliance on precious metals. I would bet more on catalysts based on metals like Nickel, Iron, Cobalt or Copper to do a lot of the heavy lifting down the line.