Government adopts the role of an efficient catalyst in both public and private sector functions, especially with the alterations in the post-pandemic favouring an innovation-driven ecosystem.
FREMONT, CA:With the advent of the pandemic, an increased shift in governments all across Europe is highly noted in the innovations symbolising a catalyser for the public good, be it mask production, tests, drugs, or vaccine production.On that note, the need for constant innovation and an accelerated, agile, and the scaled response has become crucial. Governments often boosted the production of masks, facilitated data sharing among pharmaceutical companies, and relaxed regulatory requirements for certain tests and drugs, in addition to elevating vaccine production in the initial stages of the pandemic. These pilot measures incorporated successful partnerships with the private sector, nonprofits, and research institutions for further productive results.
Governments played an efficient catalyst role throughout the pandemic with an enhanced capability to assemble and enable multi-sector efforts in coping with the flooding-infected cases and thus create vaccines. This distinct catalyst role-play has been available since the pre-pandemic era with an emphasis on harnessing innovations all across the sectors favouring an enhanced public salutary.
With the increased pace of commercial and cross-sectional innovation, authorities are likely to shift from their role as failure fixers to failure enablers. Furthermore, the government is likely fostering cross-sector solutions for a myriad of societal challenges like public health, climate change, and cybersecurity alongside its compact banding with strategic sectors like defence and space. However, various key drivers are vital in elevating cross-sector innovation.
The regime in recent scenarios is enhancing its capability to address market failures in significant high-risk and low-return sectors like public health, per the attractions of private investment. Alongside, a multi-dimensional innovation is likely favoured by the government with an increased fostering of technological leaps like space, GPS, and vaccines that is highly capable of commercialising the new capabilities per the enhanced tech-transfer processes. As a result, leading capabilities are emerging as commercially available sources, favouring much more productive innovations.
Alongside, a keen focus on advancements and competitiveness is crucial as nations, in recent times, are reinforcing their innovation ecosystems to favour the development of long-term competitiveness and sustainability. The government-as-catalyst trend is likely blossoming via varied forms, like focused conventions on key societal issues and reducing friction, encompassing ecosystem building. Likewise, it facilitates the potential leveraging of external innovation to drive mission delivery by incorporating partnerships while elevating the crucial genres of innovation via traditionally applicable practises with more agile approaches.
Moreover, an intense focus on innovations to address societal issues like cybersecurity, healthcare, and climate action and, thereby, reduce their friction accordingly is likely powered by governments through their efficiency catalyst roles.
