A report on the Sources of Cancer Research Funding in the United States (http://www.iom.edu/~/media/Files/Activity%20Files/Disease/NC...) found that only 31% of the funding in cancer research is from industry. The majority is from tax money (federal and state), which stand for about 63% of all funding. The rest is non-profit.
Maybe that 31% would be lower without patents. Some might still do the investing because they earn money on related products (for-profit hospitals to name one). Maybe the costs in medical institutions and research labs would go down because they can spend less to lawyers. Maybe the state would be willing to spend more and have more directed taxed to replace the lost industry funding.
But we are only talking about 31%, a number I would very much like to see updated for 2013. It also a number as reported by the industry itself, so its worth asking how true it is. The only number we can be fully sure on is the billions of state and federal funding.
There is no obvious reason other than tradition and cultural goals that a lawyer has to be paid $200/hr instead of $20/hr, ditto no reason a postdoc biomedical researcher has to be paid $30K/yr instead of $300K/yr. The supply of STEM grads is too high leading to low pay and the supply of lawyers is too low leading to high pay, but if you can convince the kids to select different majors, go ahead.
We live in a central govt controlled economy. If you have control of the government, which we probably don't, then you can also select the priorities.
It also has the assumption that profit is the only reason why people work. Simple salary arrangements work pretty well for most people, as does contract work. Some other ways people make money without profit include prizes (Nobel, etc) and being cultural heros (pro sports athletes, unfortunately definitely not biomedical research scientists)
Finally some people just love the subject area and will voluntarily starve their family, look at any STEM other than CS/IT/high level applied medical (aka hospital dr cardiologist etc). I would not bet on it, or demand that only people taking a vow of poverty are "real" scientists or whatever. But there always will be some nuts willing to eat Ramen every night for the rest of their lives.
The average lawyer doesn't make $200/hr. You can't compare your average biomedical postdoc to the top law school graduates. A biomedical postdoc is sacrificing pay now because he probably hopes to get a job as a tenured professor some day. It's something like clerking for a judge after law school.
Another thing, law students pay for law school, many of them rack up $150k in debt before they even start working. Most STEM PhD candidates are being paid while going to grad school.
>The supply of STEM grads is too high leading to low pay and the supply of lawyers is too low leading to high pay, but if you can convince the kids to select different majors, go ahead.
There are far too many law school graduates each year for the amount of lawyers demanded. Unless you can get into a good school and graduate near the top, law school is probably a bad idea. While the prospects for most STEM degrees look much better than other majors.
http://www.law.com/jsp/ca/PubArticleCA.jsp?id=1202588541180&...
You do it because you're a good person who cares more about humanity than profit.