This is about right, but I think you're not properly weighting the rising role of institutional corporatism at research universities. The push for "translational" research was not driven by scientists. Scientists are not idiots, of course. They know when they have something useful. But the institutions built enormous offices filled with lawyers and finance types to promote and manage their "IP portfolios," as if schools suddenly became VCs. The proceeds from this portfolio feeds back only fractionally into research and education, but primarily it funds a vicious circle of administrative executives and contractors who are the main beneficiaries.