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Open Access LEADERSHIP ROLE OF NANOTECHNOLOGY INNOVATION IN ECONOMIC DEVELOPMENT AND GOVERNMENTAL POLICY

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Nanoparticle technology is implemented in a wide variety of industrial fields, including electronic devices, solar energy systems, stain-resistant fabrics, and even in medical biotechnology dealing with targeted drug delivery. The commercialization of nanoparticle technology has a large impact on the economy in regard to growth and expansion of pharmaceutical and electronics industries, enhanced workforce training and education, and an increase in the number of jobs associated with development of nanotechnology. The Organisation for Economic Co-operation and Development estimate a global output ranging from US$1 trillion to US$3 trillion in manufactured goods incorporating nanotechnology and over 2 million new jobs. The future of the growth of nanoparticle technology relies on innovation by increasing industrial financial resources allocated to research and development and partnerships with universities. In 2013, the federal budget provided $1.8 billion investments in the National Nanotechnology Initiative, a central agency engaged in nanotechnology research and development, which added to the $18 billion of federal investments since 2001. The large increase in nanotechnology innovation can be assessed by the 150% increase in nanotechnology patent literature since 2006. Government policy regarding nanotechnology is handled by the agencies responsible for the consumer product. The food and drug administration (FDA) handles most of the healthcare applications, but there is a call for more regulation of nanotechnology in other fields in fear of any long-term effects from exposure. Together, the economic development, innovation, and government policy will dictate the future growth of nanotechnology in the US and worldwide.
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Keywords: Economic development; Government policy; Nanomaterials; Nanotechnology

Document Type: Research Article

Publication date: December 17, 2014

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