I agree with Harv but for different reasons.
Government over-regulation does much to stifle private investment in research in this country. That is one factor.
Second factor
Most research grant money comes from one of two sources....
A. Government research grants - many of which won't give you a grant unless the beaurocracy approves of your research focus. Thereby directing the research focus, albiet very poorly.
B. Private grants from industry - industry in this instance mainly being pharmacaeutical companies, health insurance companies, and supporting industry such as chemical companies (Dow Corning for instance). Again the flow of money is being controlled in the research arena, and what the grant givers do not like they do not help fund. This directs research focus just like in item A, however in this case there is more awareness of how things are influenced, even if they cant get along with each other well enough to act in unison on anything
Like the Golden Rule says.....He who has the gold, makes the rules.
I do however believe that the sad state of research in this arena is caused by this.
And further I do not subscribe to or necessarily believe that it is conscious effort on the part of either Government or industry.
To my mind it is far more plausible that beaurocratic incompetence on the part of the government heterodynes very badly with self interest on the part of industry in this instance.
While the results negatively influence research in the bio-technology sector as in the case of stem cell research. By the same token there is not any real return for the government or the industry where the money is being spent. Meaning research that is about as close to wasted as such can be.
If either the government or industry had any direction or ability to manage the research effort there would be some return, even if it was in unexpected directions.
The drug companies are actually missing the boat on this one in some ways. Stem cell therapy, at least at this early stage, will not replace most prescription drug use.
Drug companies could also get in on the vitamin/supplement side of it now and then expand in that direction. Not an insignificant revenue stream in modern society. Especially given the high focus in recent years on diet, exercise, vitamins, supplements, etc.
My position is that I won't attribute clever manipulation to either government or industry that is easily explained by stupidity and incompetence.
As I said, I agree with Harv, but for differing reasons.