Abstract

Research in life sciences has been the source of not only exciting discoveries and significant improvements in public health but also economic development. The economic impact of research in life sciences is a critical third dimension of research success. This chapter provides examples that illustrate the wide-ranging and enormous economic impact of well-targeted and managed biomedical research innovation. From a technology development and transfer perspective, the scientific process of biomedical research can be divided into the following phases: basic research, preclinical research, and clinical research. A recent landmark analysis of biomedical research in the United States focused on total public and private investment and personnel (economic inputs) and on resulting patents, publications, drug and device approvals, and value created. Speaking about the economic impact of scientific research is necessary for congressional discussions about budget allocation. The economic impact is also acceptable for discussion in big picture presentations of institutional leaders.

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