New research confirms what many have believed for a long time: That U.S. companies in a range of industries are investing less in science.
In a paper in Strategic Management, published last week, researchers from Duke University and the University of East Anglia found that large American corporations are withdrawing from research. While they may still collaborate with universities and acquire science-based start-ups, their labs increasingly focus on developing existing knowledge and commercializing it, rather than creating new knowledge.
They also found that the value attributed to scientific research has dropped, whereas the value attributed to technical knowledge (as measured by patents) has remained stable.
The team studied the period from 1980 to 2006 by looking at financial information as well as a data on publications, patents, and acquisitions.
"This decline has taken place even though scientific research continues to be relevant, because the patents filed by these firms continue to cite the scientific literature at the same rate as before. This implies that the societal value of research has not declined," said Ashish Arora, from Duke, co-author of the article. "We therefore need to investigate why the private value to corporations on engaging in research has declined. It also suggests that public support of research may be more valuable than ever."