Industry committee  On the issue of financing basic research versus applied research, I don't think there is an easy answer. What I'm about to say is a very politically unpalatable thing to say, which is that yes, we need to do both. You can't stop funding basic research and expect to have an innovative culture.

Industry committee  To address one of your questions specifically, the research tends to be funded either by large pharmaceutical companies that are outsourcing drug development activity, for instance, by organizations such as the National Institutes of Health in the United States, or by private investors and occasionally, as Cate says, by venture capital funds from Canada or elsewhere.

Industry committee  Thank you, Cate. Good day, ladies and gentlemen. Thank you very much for inviting us to participate today. As you know through your work on this committee, the world economy is undergoing a fundamental transition that has the potential to surpass the impact of the industrial revolution.