A good summary of the crisis in research and the broken paradigm the medical world is currently stuck in from Josh Mitteldorf’s excellent blog.
Capital shuns risk. — The essence of science is exploration of the unknown. Science and Capitalism is not exactly a match made in heaven. Government and foundation funding has always been behind the curve of innovation, but the recent contraction in US science funding has engendered an unprecedented intensity of competition. This has translated into a disastrous attitude of risk aversion. A “hard-headed” business model prevails at the funding agencies, and they are now funding only those projects that they deem “most likely to succeed.”
