The importance of government research is waning. Most academics vying for government funding are in various states of despair. The blow up in the size of univer

The importance of government research is waning. Most academics vying for government funding are in various states of despair. The blow up in the size of universities and the number of PhDs etc has created a lot of competition with perverse incentives. In biotech, nothing interesting gets done without very early private investment (pharma mainly, some VCs).