We do fund basic research decently well, but not development. That's mostly in agreement of the above, but leads to a few differences.

In particular, if we start funding the both research & development, the public sector starts taking on all risk, so there is 0 reason to reward the private sector with IP ownership. Do a drug bounty, and then public domain the IP. I would say have the state hold the IP and license it out with cost controls, but I think having medicare actually negotiate will do that well enough.