I've always used this example for those that think our medicine and medical care in the US are #1 because of our "exchange-based" health care system.
You'd be hard-pressed to name one cure to a deadly world-wide condition that a private corporation has developed based on solely their own R&D. From Diptheria to Polio, the cure or vaccine for the vast majority of diseases afflicting the world in any significant way were developed in Academic laboratories, usually under government funding such as NIH grants.
In fact, alot of our most significant technologies are grounded in academia, then later licensed or commercialized. Google's one. In fact the government's NIST technology transfer and Small Business Innovation Research orgs promote start-up researchers to use NIST resources such as grants and lab space/time to bring experimental technologies to market.
Meanwhile, companies are _usually_ punished by Wall St. for giving more and more toward R&D. Most public companies simply cannot do it for fear of investor revolt.