As I’ve said before, money is putting three quarters and a nickel into a vending machine and getting back a pack of peanuts. Getting Goldman Sachs to lend you $600 million dollars to buy a company that “has never posted an annual profit and has lost a total of $194.6 million since it was founded” is finance.
Cash flow through the modern economy is a complex journey through the fusion of market exchange and non-market gifting. What concerns many of us is the size of the grant economy distributing our tax dollars around. Wisconsin is firmly committed to creating a biotechnology economy so it is worth noticing how entitlement mentality develops when government grants prime the pump.
California Scientists Sound Alarms: The California Healthcare Institute (CHI) and PricewaterhouseCoopers (PwC) today released a report, "The National Institutes of Health: Fueling Healthcare Innovation in California," urging legislators to support increased funding for the National Institutes of Health (NIH) — the backbone of the biomedical industry in California, which employs more than 267,000 people in high wage jobs. Without a sustained commitment of funding, scientists, academicians and leaders in the biomedical industry in California profiled in the report fear the biomedical ecosystem in California, made up of universities, research institutions and industry, will lose its capacity to produce the next generation of inventions to treat and cure disease.
However, as the federal deficit soars and legislators pare back discretionary spending, the NIH has come under intense pressure. In the first true budgeted reduction in NIH funding since 1970, the 2007 budget represented a 0.1 percent decrease from 2006
According to the … Supplement Survey, … the competition for peer-reviewed grants is rising and investigators must revise proposals several times in order to receive grants that are oftentimes lower in amount and shorter in duration than requested. Funding constraints prohibit faculty from maintaining sufficiently staffed labs and limit them from hiring qualified younger researchers.