NMC's economics research contributes to knowledge of how public investments in scientific research influence the rate and novelty of scientific advances, and ultimately improve social welfare. Currently funded projects at the NMC focus on evaluating effects of changes in U.S. science funding on biomedical research and development. New research initiatives are also underway to assist New Mexico's public research universities in identifying and estimating the economic impacts of State, Federal, and private sector investments in their universities' research and education.
Balancing the Portfolio: Efficiency and Productivity of Federal Biomedical R&D Funding
Margaret Blume-Kohout, Senior Research Economist, NMC
Economic analysis is combined with innovative statistical machine learning to assess the relative efficiency and effectiveness of research and development expenditures across the U.S. National Institutes of Health (NIH) portfolio of extramural projects. This research focuses on understanding how changes in public policies, particularly changes in the level and distribution of public research funding, affect dynamics of biomedical research and innovation in the United States. Two specific research outcomes are considered: scientific publications and pharmaceutical innovation. Research also includes refinement of existing economic theory to produce normative evaluations of the allocation of public research spending. This results of this project will inform key policy questions related to federal funding of biomedical research. Funding for this project comes from the National Science Foundation and the Science of Science and Innovation Policy (SciSIP) Program