I I have run large organizations but spent little time in medical labs. So when I write about translational medical research, I think about the famous announcement in the London Underground: “Mind the gap.” Translational research is all about filling two organizational gaps. The first gap is between the scientists making discoveries in the lab and the clinicians seeking patient therapies. The second gap comes later—between finding attractive targets for drugs and diagnostics, for example.
Medical institutions have increasingly focused on translational research. The purpose of such research is to accelerate the application of basic scientific discoveries to practical therapies; in other words, to transport discoveries from the researcher’s bench to the patient’s bedside.
Many charities are funding applied medical research — trying to turn scientific discoveries into new treatments.
How can the governing boards of these charities determine whether their efforts have been successful?
It is not realistic to judge applied research on whether it produced a cure for a major disease.
But it also is not sufficient to say: “Our scientists and smart and hardworking, so continue to give them grants.”
Written by Elizabeth Leonard.
Comprehensive in scope, Too Big to Save looks at each of the factors that played a role in the crisis: the housing boom, subprime loans and the impact of mortgage-backed securities; Fannie Mae and Freddie Mac; credit default swaps, AIG and collateralized debt obligations; hedge funds and short selling; and capital requirements. But this is not an alphabet soup. These topics are precisely defined and clearly presented in a highly readable and well-paced narrative. Moreover, as Pozen explains the forces that were at work to disable the U.S., and then global, economy, he presents a series of constructive approaches to righting the financial system.