Biotech Buzzkill - NIH Grant Funding Dips To Historic Lows

News from The Scientist about NIH grant approval hitting historic lows wasn't exactly a surprise, but it was certainly noteworthy. Here's a sample from the piece:

"According to the new estimate put out by the NIH’s Office of Extramural Research (OER), the fiscal year that ended on September 30 saw the funding of just 17.4 percent of research grant applications... it’s a significant drop from the 32 percent of grants the agency was funding around the turn of the millennium, and the first time in NIH history that the success rate has dipped below 20 percent."

The big question is, How long will this continue? Investing in research and innovation is key to putting the United States back on the road to a vibrant economy. Unfortunately, the national mood regarding government investing in technology appears to have soured for the moment. If this trend continues, scientists and biotech start-ups may have to investigate funding methods that are as novel as the technologies they are pioneering.