Well, yes I do. I have 20 years experience, some of it with pharmaceutical companies.
Deny the profit motive and you deny innovation.
DeVinci was a pretty innovative guy and yet profited little from his research. What drove him? Nicola Tessla was one of the greatest minds of the last century and responsible for many of the inventions and discoveries that make our life, as we know it today, possible. I doubt GE would be where it is without him. He died in poverty.
Where profit is the motivating force, mediocrity reigns. Without a passion for discovery that is separate from profit, there is no innovation.
But the profit motive has a role to play too. The innovators are motivated by passion, the venture capitalists, by profits and perhaps a will to do good in the world; each has their part to play. When passion, profits, and altruism exist in balance, the context exists for maximum innovation and development.
They [China] may challenge us economically but their leadership doesn't understand the free-market or capitalism very well at all. One thing is for sure, it will be a long time before they have what it takes to create and commercialize new classes of drugs.
As a boss I had years ago used to say, "hide and watch".
I heard a Chinese government official interviewed, and he understood capitalism and free markets VERY WELL. Well enough to lecture the interviewer, an American reporter specializing in economics, on the subject. Honestly, it was chilling.
Just because they don't buy the whole package doesn't mean they don't fully understand the concepts.
Confucius said: "A gentleman takes as much trouble to discover what is right as lesser men takes to discover what will pay"
Then why would you say something so ridiculous? I'm not familiar with Cuba's biotech patents but I'd bet heavily that they offer little that can actually come to market and improve lives. Even if they did, why is Castro spending money this way while his people remain so destitute and hopeless that they try to cross the Florida straits on pieces of plywood?
DeVinci was a pretty innovative guy and yet profited little from his research. What drove him? Nicola Tessla was one of the greatest minds of the last century and responsible for many of the inventions and discoveries that make our life, as we know it today
There is a lot of talent out there that is motivated by many things other than money. My point is that without capital, these dedicated researchers and inventors will not have labs, paychecks or access to clinical trials nor will any of their discoveries ever become products. You see, people who invest their money in the work these folks do, do so to realize a profit. These guys you mention had sponsors. We don't live like that anymore, thank goodness. Now, capital flows to those who will innovate products and services that people want and need. That flow of capital is (and should be) determined by the opportunity to earn a profit.
Where profit is the motivating force, mediocrity reigns.
Without profit, nothing reigns.
Without a passion for discovery that is separate from profit, there is no innovation.
Maybe you should spend more time with entrepreneurs. They are most definitely passionate people but they are most certainly motivated by profit. Whenever the profit incentive is missing, the probability that people's wants can be safely ignored is the greatest. Take a poll sometime and ask people which services they are most satisfied with and which ones they are most dissatisfied with. For profit organizations will dominate the first list while non-profit organizations will dominate the latter.
As a boss I had years ago used to say, "hide and watch".
Hide? Why doesn't that surprise me?
and he understood capitalism and free markets VERY WELL.
I believe he understands them very well. I don't believe he practices them as well. Either way, they will not be an innovator of drugs anytime in the near future.