The Global Pandemic Highlights the Vitality of Innovation and Research & Development
The COVID-19 Pandemic has generated a myriad of responses in the business community. What has been truly inspirational however, is the response of the private sector in demonstrating strength, resilience, and innovation. As highlighted by James Edwards, the executive director of Conservatives for Property Rights, the private sector medical research and development companies, such as biopharmaceutical companies, have taken the initiative and worked tirelessly to discover vaccines, cures, diagnostics and therapeutics. Medical device companies have also found unique ways to address supply shortages by adapting their business models and manufacturing processes. Edwards recognised that, “At times like these, we do well to take stock of fundamental assets that enable America not only to survive but to thrive amid challenges. These assets include limited government, a republic, private property rights, the rule of law, due process, a free-market economy and popular sovereignty. And sometimes underappreciated as an asset is innovation”.
As the United States battles the coronavirus and economic disruption, it is critical to recognise and acknowledge the true importance of innovation and development to solve social problems and enhance society’s ability to act.