The Science Coalition (TSC), a nonprofit group of 50 U.S. research universities, released a report May 11 titled, “Sparking Economic Growth: How federally funded university research creates innovation, new companies and jobs.”
The report highlights 100 “success stories” of companies that are the result of federal investments in basic research, including seven companies affiliated with UC research. Collectively, those 100 companies employ well over 100,000 people and have annual revenues approaching $100 billion, according to the report.
UCSF Chancellor Susan Desmond-Hellmann, MD, MPH, is featured prominently in the report and the press release.
“There is no question that the public benefit gained from funding basic research is exponentially greater than the initial investment,” Desmond-Hellmann said in the release. “The success stories highlighted in this report demonstrate that fact and are a reminder that the continued scientific and technological leadership of the United States – and our economic well-being – depends on consistent, strong funding for research.”
Universities conduct 55 percent of all basic research in the United States, while businesses and industry conduct less than 20 percent, according to the report. The federal government is the largest supporter of that research, providing 60 percent of the funding, while the academic institutions themselves rank second. UCSF is the largest public recipient of NIH funding nationwide.
Science Coalition: http://www.sciencecoalition.org/index.cfm
TSC Press release (PDF): http://www.sciencecoalition.org/images/assets/Obey%20Retirement%20statement%205-6-10.pdf