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For the first time in a decade, total R&D funding in the US is forecast to drop, but the decline is expected to prompt more international collaborations and research with dual benefits.

The latest Innovation Scoreboard shows Europe is far short of its 2010 target of boosting R&D spending to 3 per cent of GDP.

As if underlining the judges’ decision, Karolinska Development, founded by Hans Wigzell, has shone light in the financial gloom, closing a big funding round.

The prospect of a sub-$1,000 human genome sequence moved closer as Oxford Nanopore Technologies Ltd agreed a marketing deal with Illumina Inc for its low-cost sequencing technology.