A recent opinion in the WSJ says no.
Letters to the editor rebut the opinion.
For a careful study showing the fundamental science is crucial for useful applications in ways the the scientist never imagined, read Scientific Basis for the Support of Biomedical Science. Author(s): Julius H. Comroe, Jr. and Robert D. Dripps. Science, New Series, Vol. 192, No. 4235 (Apr. 9, 1976), pp. 105-111. (Link requires membership to JStor.)
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