Stem Cell Optimists See Biotech Gold Rush
The best and brightest minds in science are heading West to partake in a biotech gold rush.
Supporters of stem cell research predict that the $3 billion in research funds approved by California voters on Election Day will create more biomedical jobs in the short term. But the big money will come with hoped-for cures for ailments like Parkinson's disease , Alzheimer's disease and spinal cord injuries, which would spell millions of dollars in revenues.
Re: Stem Cell Optimists See Biotech Gold Rush
Yeah, it's a gold rush all right; wouldn't you run to the nearest government subsidy if you knew they'd be doling out the cash?
Not suggesting nothing good will come from the $3 billion in research, only that the people doing the research see the dollar signs just like any other government contractor.
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The track record of government trying to target industries frankly sucks. The government can provide a fertile environment for innovation and get massive rewards.
A government program to target research has the unfortunate aspect of locking in one approach. Pick stem cellas and the whole rest of the genome is locked out. Stem cell research could be a boon to mankind or it could be the next cold fusion- a false hope with a maybe chance of ever doing anything worthwhile. Other than risking blowing the 90% or so of the money not immediately paid back in state income taxes it is a massive subsidy to the "grant fetchers"--beauracrats who do nothing more than fill out grant forms to beg for subsidies and "grant granters"--state metting goers who have to talk about the benefits and risks of taking a dump. These 2 groups will eat of 30+% of you money and produce nothing.
The hype that stem cell research will cure everything is comparable to the historical references that nuclear power will be too cheap to meter.
Re: Stem Cell Optimists See Biotech Gold Rush
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The hype that stem cell research will cure everything is comparable to the historical references that nuclear power will be too cheap to meter.
Damn good analogy, MTG.
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Come now, guys, it's not all doom and gloom. I've been waiting for some state to realize that a lack of federal funding didn't mean hooey to state funding. I'm surprised I didn't hear the collective slapping of foreheads up here in WA; talk about your "doh!" moments.
Worst case scenario: $3 billion is wasted of California taxpayer dollars. California irritates me anyway so I think I can bear this with moderate fortitude.
Best case scenario: $3 billion is an awful lot to throw at an idea without coming up with something. Perhaps they find something. Cha-ching, here come the private corporate dollars in a veritable flood.
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yup, new stem cell research funded by the state of California is merely a thinly veiled attempt to retain a very upscale 'white collar' industry via huge transfers of money from California taxpayers to California research companies who would otherwise have strong financial incentives to leave the state.
Re: Stem Cell Optimists See Biotech Gold Rush
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Originally Posted by Lilith
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Worst case scenario: $3 billion is wasted of California taxpayer dollars. California irritates me anyway so I think I can bear this with moderate fortitude.
Best case scenario: $3 billion is an awful lot to throw at an idea without coming up with something. Perhaps they find something. Cha-ching, here come the private corporate dollars in a veritable flood.
Sorry Lillith, but the worst case scenario is that 5 to 10 other states join the party and spend $3 billion each (scaled for state size of course) wasting $15-$20 billion. Of course this research is all going to duplicate work done in other states. Remember the late 1990s when Governors all over the country decided that manufacturing was bad and we "needed" "21st Century jobs". They blew their state surpluses and raised taxes on the industries they already had and helped drive those antique manufacturing jobs to China and Mexico and other places. Remember the "Convention Hall" boom? The Stadium boom? The foreign auto plant boom in the South? The casino gambling boom? The State lottery boom?
The Commonwealth of Massachusetts is very likely to join the party even more than they already have. These bozos are about an inept as Cali lawmakers. Spend $3billion and get nothing?--Pikers!! Look at the Big Dig in Boston---$15 billion and counting and the thing leaks like a seive. Never underestimate the power/ability of State government to waste money.
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I live in California and I did not vote for stem cell research. I was all for it until I realized that we, the tax payers would be responsible for footing the huge 3 million dollar bill.
California has so many problems right now and those funds could be used for so many other programs. Like education for an example !
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Ca. voters made there choice with their vote and I hope they , as well as the rest of the world will someday soon reap the benefits of their vote .
I obviously support stem cell research ;)
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I support stem cell research as well. However, I feel there are more things the money can be used for.
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Originally Posted by Melonie
yup, new stem cell research funded by the state of California is merely a thinly veiled attempt to retain a very upscale 'white collar' industry via huge transfers of money from California taxpayers to California research companies who would otherwise have strong financial incentives to leave the state.
Correct Mel !
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There is much budget waste, I agree. I don 't feel stem cells falls into that but I do agree there are things that need funding that don't get enough and other things that get too much.