Targeted R&D gets an overhaul
Existing horizontal R&D policies aiming to promote related activity in individual firms are often inadequate for taking advantage of opportunities that present in the face of economic change. As such, current and future scenarios call for the formulation of new policies as well as the adoption of a novel kind of related policy process. This is where the EU-funded 'Targeted R&D policy' (Target) project comes in to the picture. Target policies strive to overcome the market failure approach by identifying strategic priorities, and analysing system failures and imperfections that obstruct their successful implementation. Consortium partners set out to design and develop a structured and valorised set of guidelines and recommendations that could be included in a toolkit for policymakers. This would be used for the formulation and implementation of targeted R&D policies, particularly in the life science/biomed sector. Project work was carried out across three distinctive phases: a study of cases recognised as having been successful in implementing targeted policies, a study of gaps focusing on project participant countries and their efforts in promoting biotechnology, and design and testing of the toolkit. The comprehensive approach advanced by Target will help European countries exploit proposed mechanisms for formulating a beneficial policy mix for economic growth and benefit.