I think the analogy is broken. In case of nuclear armrace it's a different technology that destroys (bombs), and a different that saves (missile protection?). In case of genetics it's one and the same - engineering organisms.
The thing that defeats viruses is evolutionary pressure, not "engineering organisms".
At this point in time I'd still say that we only have the ability to reintroduce old disappeared pathogens. We do not actually have the ability to design new effective viruses.
