‘STEM research often requires large industries to take up its innovations. But few of these industries are located in Australia; we have no big pharmaceutical companies to make vaccines, for instance, or technology companies to manufacture new machines.

‘STEM breakthroughs tend to be few and far between. And the process of innovation through this kind of research will only become more challenging as China and India continue to rise, providing the industrial base and size to generate demand and the financial backing for commercialisation.

‘Australia, by contrast, is a services economy, so we regularly innovate in health, management, social programs, education and finance – and we have the industries eager to take up these innovations. These will be the products of social science research. They are less tangible, but no less impactful and economically valuable, with inherent translation mechanisms.’

– Professor Elizabeth Kendall [My emphasis]

Source: The Conversation.