What role do public and private sectors play in mitigating funding issues?
Both the public and private sectors have critical roles in addressing funding constraints. Government agencies can increase budget allocations and streamline grant application processes, making it easier for researchers to obtain necessary funds. The private sector, including pharmaceutical companies and biotech firms, can invest in research and development, fostering innovation and accelerating the translation of research into clinical practice. Philanthropic organizations can provide flexible funding that supports high-risk, high-reward projects that might not receive traditional funding.
