BIO Market News
The National Institute of Health's budget of $29.15 billion in 2013 was, when adjusted for inflation, $5 billion less than the $27.17 billion available in 2003. During the last decade, especially following the government sequester in late 2013, federal funding of the NIH has steadily declined. Almost all biomedical scientists in the United States have been buffeted by funding swings at the NIH, their field’s primary benefactor. Now scientists are forced to look to other sources of funding.
Funding from private companies raises a controversy about the role of corporations in academic research. Opponents demonstrate that tobacco, food, pharmaceutical and other industries have been shown to manipulate research questions and public discourse for their own benefit and even suppress unfavorable research. About one third of Stanford University’s medical school administrators and department heads have reported financial conflict of interest related to their own research. Opponents also worry that companies may privately hold the results of research and exclude others to exploit them.
The University of California system accounts for up to 9% of total US academic research expenditures. Of 12,516 inventions and related licenses at nine UC campuses and three associated national laboratories, nearly 12% were supported at least partly by private industries. Private funding is expected to support more academic research in the future.
American society always encourages entrepreneurialism and profitability. The partnership between the universities and corporations will not only effectively and efficiently help universities make their research accessible to people, but also will provide corporations new profitable opportunities by commercializing new products and services yielded from academic research.
The BioResearch Product Faire™ Events held on many univiersity campuses are great ways for academic researchers and private companies to exchange information about the newest technologies, and to build lasting business relationships. Biotechnology Calendar, Inc. provides this opportunity for laboratory supply companies and academic researchers with our BioResearch Product Faire™ Events held at different institutions throughout the nation.