For example, suppose I have a hypothesis, and I test it out. To fully reject that hypothesis I might expend a year of lab time. This results in a year 'wasted' if I found no result, and expected one (an alternative would be you got no result and it was surprising - thus you found something exciting, but often this isn't the case).
This is a year wasted for me, but with so many labs focusing on the same areas, it means that many can double up in their 'time-wasting' endeavours. This effectively means labs are trying the same hypothesis and failing, wasting cumulative time on the same dead-end questions.
Every piece of research is a vital piece of an ever-growing puzzle that helps us deduce exactly what is going on. Unfortunately it seems focus has centered on those discoveries that 'cure cancer' or 'find the answer to immortality'. There needs to be a massive re-haul on the way we treat research.
Quality research is quality research - regardless of the results it garners.