Lengthy approval times can have several implications for the field of catalysis:
Delayed Market Entry: New catalytic technologies take longer to reach the market, delaying potential benefits such as increased efficiency and reduced environmental impact. Increased Costs: Prolonged approval processes can increase the overall cost of development, as companies must invest more resources into regulatory compliance and testing. Innovation Stagnation: Long approval times can discourage innovation, as researchers and companies may be deterred by the long and uncertain path to commercialization. Competitive Disadvantage: Companies in regions with more streamlined approval processes may have a competitive advantage, as they can bring new technologies to market more quickly.
