BMC Medicine
http://www.biomedcentral.com/bmcmed/content
(Accessed 27 February 2016)

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Research article
Quantifying the economic impact of government and charity funding of medical research on private research and development funding in the United Kingdom
Overall, this suggests that government and charity funded research in the UK crowds in additional private sector R&D in the UK. The implied historical returns from UK government and charity funded investment in medical research in the UK compare favourably with the rates of return achieved on investments in the rest of the UK economy and are greatly in excess of the 3.5 % real annual rate of return required by the UK government to public investments generally.
Jon Sussex, Yan Feng, Jorge Mestre-Ferrandiz, Michele Pistollato, Marco Hafner, Peter Burridge and Jonathan Grant
Published on: 24 February 2016