The medical industry has the biggest research and development departments as compared to any other industry, it is because of the magnitude of medical problems and patients. While there are arguments about who should carry out medical research among private companies, individuals and governments, I think private organizations are the best suited for the job, in this essay I will share reasons for the same.
Firstly, private firms have access to best technological tools and talent across the world. Since many private companies pay well as compared to government and individual investors, best talented researchers are inclined towards joining these corporations. Secondly, private enterprises have large capital and longer runway as compared to individual funders, due to this researches which take years can be carried out without company making any money during the process. Thirdly, businesses often aim to be market leaders in various medical solutions, hence they carry out research on various problems, such diversity is beneficial for patients as even less critical medical conditions are also being researched after to continuously make better medicine. Moreover, corporates are better in managing the projects, for example in government researches, people work very slowly as their is no pressure on them and sometimes even a dead end project is also continued for years hence wasting precious time and money.
A drawback of private medical solution is that it is very expensive. But this problem can be solved by government interference. By providing subsidies and incentives, governments can reduce the costs for private companies which will reduce the final product cost. Monopoly of no organization is healthy for the consumers hence government should play the role of mediator and collaborate with companies. This way government can also monitor the workings of company.