The race for a Covid-19 vaccine has shown that major investment in R&D, laboratory improvements and the recruitment of expert staff (among other factors) have been crucial for the development of several vaccines in almost record time that would otherwise have taken years to become available. Even the logistical complexity of some of them (e.g. the need for deep-freeze storage of the Pfizer vaccine) has been overcome by research-derived advances.
The suffering caused by the virus’s brutal attack and the desire and firm commitment to find a rapid solution that will enable us to return to our longed-for “normal life” has meant that all agents with a key role in this health crisis (public and private institutions, companies, health professionals, researchers and society in general) have called for and highlighted the importance of research. Research is necessary to advance development in any field, be it health, technology, science, the social sciences or the humanities. The advances made in each of them demonstrate that science and research go hand in hand to improve the quality of life.
This has led to recognition of the value of research and has underscored the need to devote more resources to it. But research is often associated with very expensive, time-consuming and highly uncertain processes. Many studies are launched that do not yield the expected result, or do not obtain any results at all. Perseverance in research, use of the scientific method and availability of the necessary resources and support are all essential for innovative success.
Smaller companies may be at a disadvantage in this process, as investment in R&D often requires complex infrastructures, skilled workers and the capacity to offset the associated costs and risks. Partnership agreements, creating networks and collaboration with public institutions (e.g. universities and research centres) offer viable alternatives to keep such companies in the innovation race.
Companies that invest in R&D and develop innovative capacity obtain significant competitive advantages that enable them to improve their position and create value. Creating value or generating wealth is not only about achieving greater profits for the company, but should also imply that all agents are rewarded for their contribution to generating this income, from paying workers a salary in line with their skills to offering clients and consumers high quality, competitively priced products that are better tailored to their needs, and including suppliers, creditors and the State as guarantor of the institutional framework that makes this possible.
In short, society’s current recognition of the importance of innovation, albeit belated and a result of circumstances, brings Schumpeter’s contributions of the early 20th century back to the fore: TO INNOVATE IS TO CREATE VALUE.
Signed: Marisa Ramírez Alesón
(The opinions expressed in this article are the sole responsibility of the author)
