To generate economic and social well-being, each of the elements of the national innovation system and the interactions between them must be strong and constructive. Ireland has made significant and rapid progress in increasing public research investment over recent years. It faces the challenge of ensuring that these investments deliver the economic and social benefits they are intended to achieve. A feature of the system must be the ability to monitor and review continuously and demonstrate clearly that cost effectiveness, efficiency and coherence are being achieved in all aspects of science, technology and innovation policy formulation and implementation.