The United States needs to enact a far more sophisticated set of policies regarding regulations, public investment, taxes, trade, education, and others if we want to create an environment in which U.S. life sciences firms—and those in other science- and engineering-based sectors—can remain globally competitive and thus produce sufficient employment opportunities to fully leverage the high-skilled scientific and engineering talent being produced in the United States.
Science and R&D
Federal Funding for R&D: Further Evidence That it is Needed More Than Ever Before
In an era of ever tightening budget constraints, some, especially some conservatives now argue that federal funding for research is not critical for innovation. They claim that the private sector will make up for any losses in innovation resulting from a reduction in federal funding of R&D. In the latest edition of the Journal of Policy Analysis and Management (devoted to the examination of science policy and innovation), two scholarly articles clearly rebut this view.
Genius Loves Company
When Congress takes up corporate tax reform, lawmakers should consider a few ideas from ITIF. First, make clear that process R&D qualifies for the R&D tax credit. Second, Congress should use the tax code to promote more collaboration between companies as well as non-corporate entities.
A Word from the Wise is Sufficient
Recipients of the Presidential Early Career Awards for Scientists and Engineers (PECASE) 2011 were unanimous in saying a steady and consistent funding stream helps maintain the country’s brain power and world class R&D infrastructure. It also begins a process that can lead to successful commercialization of ideas and discoveries.