The pathways that lead to the success of cutting-edge technologies are often fraught with risk, difficulty, and uncertainty. These issues are particularly prevalent under a regime involving lengthy time horizons for competent research, development, and commercialization, which may require regulatory approvals. These challenges are known to be endemic to capital-intensive technology development which requires significant follow-on funding, particularly in highly regulated industries such as life sciences (e.g., pharmaceuticals/biotechnology and electronic medical devices ) and clean technology (which may be subdivided into clean or renewable energy generation and clean or renewable energy efficiency technologies and services, the former having more direct exposure to the regulatory environment ). Such conditions also pose considerable obstacles to the development and introduction of new paradigm-setting information and communication technologies (ICTs) categorized by reference to the economic activities generated by their application to and use within other industry sectors, including healthcare, energy and the environment, transportation, information and education, emergency and disaster management, and defense and national security. According to one recent study, the ICT sector undertakes large investments in R&D and is very innovative. In terms of R&D expenditures, patents, and venture capital investment, it exceeds other industries by a large margin.
Lawrence A. Kogan,
Commercial High Technology Innovations Face Uncertain Future Amid Emerging "BRICS" Compulsory Licensing and IT Interoperability Frameworks,
San Diego Int'l L.J.
Available at: https://digital.sandiego.edu/ilj/vol13/iss1/5