Why do you say funding is getting cut? NIH's budget has almost doubled in the last decade [1] and many of the other funders have seen similar growth as well as new funders appearing every year.
I don't think the problem is lack of funding but screwed up incentives. When medical reaseach became focused on funding the quality of the results suffered. And if the vast majority of landmark cancer research can't be reproduced much of that money was wasted.
The solution will require a huge cultural change which may be impossible. However step one is recognizing the problem. And some efforts are already underway such as journals like PLoS which publish negative results and more recently The Reproducibility Project and Reproducibility Initiative [2,3]. Still it will be difficult.
[1] http://officeofbudget.od.nih.gov/pdfs/spending_history/Mecha...
[2] http://www.openscienceframework.org/project/EZcUj/wiki/home