The main balance complaint with Biochem centers around how powerful unlimited stims/adrenals/medpacks are in the current game. The main market complaint with Biochem is that the materials produced are not attractive enough for anyone to buy except perhaps raiders.
You can solve both complaints with one change: Make artifact (non-rakata) biochem recipes usable by all, and make them timer based as opposed to permanent.
As an example of this change, I'll bring up a current epic stim:
http://www.torhead.com/schematic/4BV32ul/reusable-hyper-battle-fortitude-stim
With the new biochem change, the description on the stim would be:
"This marvel of biochemical engineering lasts for three days after its first use."
"Use: Increases Endurance by 104 and Defense by 43 for 60 minutes. Only one stimpack can be active at a time."
This change makes it so that the perk of permanent consumables for Biochem isn't overpowering (though not having to constantly buy for yourself is still extremely nice), and makes it so that most characters will always want to have epic consumables on them - which results in constant market demand.
How long to make the timers for proper balance/demand would of course be up to refinement. You could even extend the timer system to certain blue items (like adrenals) in order to prop up demand for them.
If you're reading this thread and like this solution, add a +1 to it - the bigger the thread gets, the bigger the possibility of this change being implemented