Scientists and engineers create the scientific and technological knowledge to generate societal and individual wealth and related economic growth. The article explores wealth creation, worldwide research and development (R&D) expenditures, US R&D expenditures by business, government, and academic organizations and economic sectors, and profiles the US science and technology workforce including recruiting and compensation costs. The process of recruiting scientists and engineers is profiled. Many technology based companies are currently using artificial intelligence algorithms to assess applicants’ technology knowledge and select the optimal job candidate. Are there non-technical personality traits which are equally important in recruiting scientists’ and engineers performance? What non-technical personality traits should a research and scientific organization assess to decide among position candidates? Five non-technical character traits to evaluate candidates in hiring decisions are intelligence, imagination, initiative, interpersonal skills, and integrity are explored. Specific questions to ask candidates are suggested to investigate each trait.
Some sophisticated medical applications, including advanced therapeutics with monoclonal antibodies, stem cells, and gene therapies are currently available in clinical trials. More revolutionary technologies are coming soon and will be marketed by the best technically advanced companies in the world. R&D companies with a much smaller indicator of technological progress and organizational efficiency, but with a great desire to become a major player in this industry, will also compete for a share of this market.
However, in order to become a fixture in the changes initiated, both must constantly learn and be more innovative. In the current market situation, a hypercompetitive economy with the entrepreneurs’ focus on the prosumer , creativity is becoming extremely important in achieving final success. Creativity, which is the result of proper knowledge management, especially in science. The market value of R&D companies and their further future depends to a large extent on the prosperity of knowledge transfer.
The most important role in the process of knowledge transfer is played by information and communication technologies (ICT) and tools for continuous improvement. If companies implement these efficiently and safely, they can develop and benefit from competitive advantages for a very long period of time. Such an approach would give them the possibility of reducing the cost and time to deliver new products to market, and create a new platform to generate innovative products. This is a new perspective for R&D businesses, and a great opportunity for institutions in the biomedical arena to become part of the upcoming bio-revolution.