In this contemporary world, private entities should pay for major scientific initiative rather than government. If questioned, I believe that the benefits outweigh the drawbacks of research which is funded by corporate firms. My inclination is elaborated further with both positive and negative side of private company funding with relavant example.
Examining the view, the strongest benefit of private funding on scientific innovation by private firms is that it offers substantial employment opportunities. Justifying it further, company needs significant amount of people for various departments, such as IT sector, scientists and lab technicians etc. Hence, it creates job vacancies. Moreover, Another merit is that it alleviates financial pressure on the higher authorities. To be more precise, if private company invest for scientific research, so government can use that money for different purposes, like education, public health and well- fare of senior citizens.
Another pros can taken into consideration. The last benefit is that it boosts economy and creates higher revenue for the country, which means innovation of pharmaceutical instruments, that another country can not be able to produce it because of lack of resources. Therefore, equipment may be sold at higher ultimately, it increases overall GDP of their own country.
However, there is a darker side which can not be neglected. The central one is that it restricts learning opportunities for researchers as private firms may be focus rather than thinking about broad – spectrum field. Furthermore, corporate firms are driven to boost profit rather than concentrating on needs of society. To reformulate it, portable diabetes monitors are sold at higher prices, so public have to pay higher amount to manufacturer.
To conclude, there are both pros and cons of private investment for scienfic research. Although, I believe that corporate funding for scientific innovation is more advantageous because of job vacancies, less financial pressure and huge profit of country.