From bench to bucks: measuring the medical technology transfer

Research innovation and technology transfer in the biomedical field are essential for advancing healthcare and socio-economic development. Despite significant government funding, the efficiency of transforming scientific discoveries into practical applications remains a challenge due to the industry’s complexity, financial demands, and long development cycles. This study utilizes Feasible Generalized Least Squares regression on the Association of University Technology Managers data from 1999 to 2023 to analyze the efficiency of technology transfer across different types of research institutions, including universities, hospitals, and universities with or without medical schools, from an overall perspective. The findings reveal a consistent positive correlation between research expenditures and received benefits, with an overall Return on Investment (ROI) of approximately 1.8% for technology transfer. Notably, hospitals exhibit a higher ROI compared to universities, with universities having medical schools showing a slightly higher rate than those without. Additionally, top universities without medical schools show significant performance disparities due to differences in their disciplinary structures, while those with medical schools tend to exhibit relatively smaller performance gaps, indicating benefits from disciplinary comprehensiveness. The study also identifies a time-lag effect in universities’ (especially with medical schools) technology transfer and greater stability in ROIs over time. These insights underscore the influence of institutional type, disciplinary structure, and time factor on technology transfer efficiency, and they also provide actionable recommendations for policymakers and stakeholders to optimize resource allocation, enhance institutional strategies, and foster innovation in the biomedical sectors.