I agree that pubic funding is an essential foundation for this industry, but disagree that the risk drops before industry gets a hold of technology. Large clinical studies are crazy expensive for many good and many bad reasons, and many of them will fail giving zero ROI. I agree that much of Pharma, (especially, but not only, some very bad actors) spend more on IP Attys and Commercial efforts than R&D, and that hurts me to watch. Academia doesn't do the research that is required to get drugs to people--who does PK and ADME studies on hundreds of animals? No one excpet industry does the detailed manufacturing process development and critical parameter work required to support approvals, especially in biologics. Yes, many drug companies need to be fixed (and some outright eliminated), but the industry does serve a purpose.