While lack of resources is not always the problem, sometimes money matters. Cases in point are the numerous federal agencies that play a key role in innovation but that are woefully underfunded. The U.S. Patent and Trademark Office used to be the envy of other nations for its effectiveness and efficiency. But today a backlog of more than 700,000 patent applications at the USPTO means that most applicants will wait at least three years for a decision.
Likewise, there have been increased delays at the Food and Drug Administration for drug and device approval and difficulties in upgrading the scientific expertise needed to expeditiously and effectively evaluate new drugs and biological submissions. The U.S. Trade Representative’s Office brings relatively few cases before the World Trade Organization to challenge the mercantilist practices of other nations. And the U.S. statistical system needs to do a better job of providing the kinds of data that would help policy-makers understand the true condition of the U.S. innovation system.
To read the original article: Book Excerpt: Innovation Economics -- FCW
