Quoted:
Almost all groundbreaking science is performed by industry. From computer technology, the Genome Project (DNA mapping), medical technology, etc. all private.
Depends on your definition of groundbreaking. If you mean applied research translating discoveries into marketable products, then yes. That's what industry does. If you mean fundamental, basic, how does it work research, then no. How many Nobel and Lasker Prizes have gone to people for work they did in an industrial setting? The groundbreaking work is done in academics. Industry then develops the application.
Recombinant DNA technology? Wasn't discovered in industry.
Cholesterol biosynthesis? Wasn't discovered in industry, but all the big drug companies make a statin.
Invention of the cardiopulmonary bypass machine? Not industry.
Hemodialysis? Not industry.
The basic science that the government is funding now is what will lead to the medical breakthroughs 10-20 years from now. In addition, most of the high powered researchers in big pharma started in academics.