Via Art Caplan comes a piece from the Boston Globe that’s essentially a reality check for states looking to cash in on biotech funding initiatives:

The same day that President Bush won a second term, California voters approved a bold plan to pour $3 billion of taxpayers’ money into stem cell research over the next decade. Supporters argued the investment would save millions of lives through new medical therapies, generate millions of dollars in added tax revenue, cut healthcare costs by billions, and create thousands of high-paying jobs.

Three years later, Californians are still waiting for some results. Until recently, most of the money was tied up in lawsuits. And even now that the tap is flowing, proponents acknowledge it could take years, if not decades, for the grants to pay off.

“It’s too early,” said Alan Trounson, president of the California Institute for Regenerative Medicine, the agency charged with administering the stem cell funds. “There are very few substantial developments [in medical science] that have happened in less than 25 years. There have been some, but they tend to be rare.”

In other words, the scientific process takes time — and it doesn’t include any guarantees. Something to keep in mind as the next political cycle gets into full swing.

-Greg Dahlmann