RBC | Recent attacks on national research institutions and the withdrawal of critical funding from research universities threaten the future of American innovation, according to Dr. Bob Dorsett of Meeker.
In a statement, Dorsett expressed concern over the “unprecedented attack on our nation’s institutions of science and medicine” and its potential impact on scientific progress.
“Our economy and our constitutional democracy are under stress generally,” Dorsett said. “On one particular issue, though, I have some personal experience, and I would like to comment.”
Dorsett cited data showing the significant return on public funding of scientific research. A Center for American Progress report found that public investment in research historically yields returns between 30% and 100%, compared to a 6.8% average return in the stock market.
Additionally, he referenced a World Economic Forum study showing that medical health research returns $405 in overall economic and societal benefits for every dollar spent. The Congressional Budget Office estimated the Human Genome Project has returned $141 in medical services and health benefits for every dollar invested of the $2.7 billion taxpayer cost.
“The United States is an innovation economy,” Dorsett said. “The cellphones in our pockets, the internet, robotic surgery, neural networks and AI, you name it. They all started as ideas in research labs.”
Dorsett emphasized that technologies such as desktop computers, MRI, laser technologies, and gene editing require years of development and collaboration. He warned that cutting funding could stifle future breakthroughs and cripple economic growth.
Future articles in this series will discuss the role of research universities, explain their function, and illustrate their contributions with one particular example, the origin and development of MRI technology.
