I'm glad that you made this point, as I was about to do so. Corporate and other private funding sources are almost exclusively results-oriented, and in that sense I mean that there pretty much has to be an end product in sight. This is only possible after usually years of basic research that ultimately lead to the understanding necessary to create that product.
Several years ago there was a modest but reliable private source of funding for schizophrenia research. When NIH funding was squeezed (and it has been, quite painfully, for the past few years) we'd hoped to turn to this private source. We had sound data and ideas, and hoped that in identifying some of the characteristics of the unacceptable side effects of contemporary treatments, we'd be able to contribute to a safer, more therapeutically effective treatment. At about this time, that private source simply ceased funding schizophrenia research. Apparently there continue to be no other sources available at this time.
This situation, unfortunately, is typical. There now are more scientifically sound and valid research proposals submitted to NIH that are NOT funded than that are. The funds simply are not there. And because basic research can sometimes be very slow going, (let's face it, as my mentor said, if it were easy it would already have been done) and big blockbuster results really are the consequence of many people's efforts over a long time because of the complexity of the systems we're attempting to understand, this is not very attractive to private funding sources.
What's the consequence, then? We end up with a population of extremely highly educated, generally very intelligent people who may just leave the field of science, and science loses. Those people will not come back. The growth of scientific knowledge loses. The students that they may have mentored and/or taught lose. Our society (probably most societies, for that matter) values celebrities and sports figures far more highly than science and medicine -- until they need us.