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Just curious.
We are looking at a bear market for funding for the next 5-10 years, but I suspect funding will peak again at even higher adjusted levels at some point within 10-20 years.
Keep in mind that the doubling of the NIH budget in the early 2000's led to an explosion of PhDs been hired by universities. The effects of this event still have significant consequences in actual dollars (i.e.:60-70% higher as compared to pre-doubling). In a system based approach, those extra "competitors" are been squeezed out of the system at a much higher rate. Funding has ups and downs... We are looking at a bear market for funding for the next 5-10 years, but I suspect funding will peak again at even higher adjusted levels at some point within 10-20 years. For those currently doing MD/PhDs, that is the outlook, in my view. Furthermore, with funding rates in the 40% for F and K awards, current MD/PhDs should worry more about the present (i.e.: making an impact with pubs) than the funding forecast. Funding conditions will improve just in time for them.
FYI: I have seen 3 significant downturns in NIH funding in my 20+ year career. Each time, a new high was achieved.
Yup...it just did. After doing the MD/PhD and a research pathway residency/fellowship, the funding climate is just too much for me to deal with and I've decided to go FT clinical in September of this year.
It was a very hard decision and it feels like a very important part of me has died. But honestly, now that I made the choice, I'm sleeping better than I have in 6 months.
Are you taking an academic position, where you could come back into the fold at some point?
I actually have an academic position. I'm just converting it to all clinical (well...0.75FTE). I will remain part of a GI cancer translational research group and will continue to work on clinical trials. But I'm done trying to pay my mortgage with NIH money because that's just never going to happen.
When MD/PhDs run out of grants and get difficulties renewing, as in the current economy, what are the fallback options ? I have figured the most common path is to do more clinical or become full-time clinical. What about the options of going into biopharmaceutical industry ? Can one still remain in research that way ? Can one do bench-top research in biopharmaceutical industry or is it always clinical trial ?
You may have a harder time finding a position, or living with the pay.
Can you elaborate more ?
So, typically in that transition scenario, one will need to start over in an entry position in the biopharmaceutical company (such as monitor or sub-PI ?) to get experience ? I guess that will leave one with lower pay and make the financial situation even harder.
That's almost exactly what I was being told when I started 10 years ago.
Anyone who is willing to tie their career to a continous stream of Federal grant money deserves the fate they will get.
There will be a reckoning one day, sooner rather than later, when many many labs will be flushed down the toliet. We just dont have the $ to continue even the paltry funding the NIH institutes now provide....
And this is at the same time Universities themselves will come under full assault from their crazy tuition inflations and a full retreat of state funding.
We havent even seen anything close to a bottom, "Researchageddon" is coming and bringing hell with it.
Even the private sector will get hit on this one.
Get out now and find a real trade.
NIH Budget - $30.9 billion per year
Cost of developing the F-35: $1.5 trillion
Keep in mind that the doubling of the NIH budget in the early 2000's led to an explosion of PhDs been hired by universities. The effects of this event still have significant consequences in actual dollars (i.e.:60-70% higher as compared to pre-doubling). In a system based approach, those extra "competitors" are been squeezed out of the system at a much higher rate. Funding has ups and downs... We are looking at a bear market for funding for the next 5-10 years, but I suspect funding will peak again at even higher adjusted levels at some point within 10-20 years. For those currently doing MD/PhDs, that is the outlook, in my view. Furthermore, with funding rates in the 40% for F and K awards, current MD/PhDs should worry more about the present (i.e.: making an impact with pubs) than the funding forecast. Funding conditions will improve just in time for them.
FYI: I have seen 3 significant downturns in NIH funding in my 20+ year career. Each time, a new high was achieved.
This is the part that confuses me. If the NIH budget has doubled, why are so many labs struggling to find funding? The number of PI's has not increased significantly so one would expect some cuts to the size of awarded grants but not the number of grants awarded. What am I missing?
... The number of PI's has not increased significantly so one would expect some cuts to the size of awarded grants but not the number of grants awarded. ...
This is the part that confuses me. If the NIH budget has doubled, why are so many labs struggling to find funding? The number of PI's has not increased significantly so one would expect some cuts to the size of awarded grants but not the number of grants awarded. What am I missing?
A couple of obvious things off the top of my head...I'm sure Fencer and others will have more to add.
2. Risk aversion. Every granting organization (NIH, foundation, NSF, whatever), wants to make sure that the money they spend will get a good return on investment. So if you want to ensure that your money is well spent, and you have two equally good grants in front of you, one from a new PI with a small publication/funding history a tech and 2 grad students, the other from an Endowed professor with 6 R01s, a PPG and small army of "Research Assistant Professors" with their own R03s, R21s and K99s and a publication record made up entirely of senior author publications in Science, Nature and Cell, guess who's going to get that money? (Pro Tip...not the new dude.).
PRO TIP: The only three items in the federal budget that, if reduced, will result in non-trivial debt reduction are social security, medicare/medicaid, and military spending (in that order).
Any reduction in defense spending will result in a direct savings and reduce the federal deficit. However, Social Security is self funding and currently has a $2.6 trillion surplus that is held in US Gov. debt securities. Cutting Social Security benefits would increase the SSA surplus, not pay down debt. Medicare is also self funding but does not have the large surplus that the SSA currently has. Any cuts to Medicare would not reduce the deficit. It would increase the Medicare Trust Fund.
Citizens of this country really should know this stuff.
This is not a good trend for the future of our nation
http://news.yahoo.com/university-research-discovers-hard-truths-u-budget-crisis-130348092.html
Also, LADoc is just being facetious. As a residency trained MD, you'll always have a job. Sure you are taking a risk here, but it's not like you are trying to be an artist. Come on.... stop being dramatic.
I don't disagree with any of this assessment, except to say that I hope you're right (and historically you are).
This is the 2nd significant downturn that I've seen since starting my training. I was able to weather the first one just by virtue of good timing. But I don't have the time or patience to try to ride this one out.
Ran into this graphic today:
http://www.washingtonpost.com/busin...89e4-8a97-11e2-98d9-3012c1cd8d1e_graphic.html
Ran into this graphic today:
http://www.washingtonpost.com/busin...89e4-8a97-11e2-98d9-3012c1cd8d1e_graphic.html