We have heard this kind of tripe for YEARS in the UK. University research should be geared to needs of commerce. Trouble is what will the needs of industry be in 20 years? Nobody knows so the idea is flawed even in its own terms. The pharmaceutical industry needs to be looking at the output of basic research (mostly paid for by public funds or charities) for the drugs that will come to market 20 or more years from now. If we (universities) were forced to do research for short-term gain where would future drugs come from? They would just dry up!
Actually I would defend all forms of research on cultural grounds, what we learn enhances our cultural life, never mind the “practical value” (but which is huge anyway).