In my field (biotech/pharma), the private market already invests significantly in R&D. This funding largely investigates how to translate basic research (done b

In my field (biotech/pharma), the private market already invests significantly in R&D. This funding largely investigates how to translate basic research (done by gov, edu) into new drugs. You are proposing that the private market covers the whole pipeline. This will not work because fundamental research is high risk, and even if it is successful it takes decades to turn into profit. No lender or investor is going to finance that kind of pipeline given the opportunity cost; the returns are just not high enough.