Fascinating paper on returns on cancer research out of the NBER argues that for about $300 billion in cancer research expenditures from 1988 to 2000 the US created 23 million life-years worth, in aggregate, about $1.9 trillion [1]. That comes to about a 52% smoothed return. Pretty good given that the S&P 500 grew at about 14.6% over the same period (though if similarly smoothed yielded about 42%).

[1] http://www.nber.org/papers/w15574.pdf?new_window=1

[2] http://quicktake.morningstar.com/index/IndexCharts.aspx?Coun...