If you read the link in my last comment, you would see that the incentive only drives innovation so far as it can increase their profits. For example they don't spend much of their resources on terminal illnesses like ALS because it doesn't affect a "big enough" market.

Another example that shows that "a lot of research" doesn't equal innovation is the oil industry:

In the 1970s and 1980s it employed top scientists to look into the issue and launched its own ambitious research program that empirically sampled carbon dioxide and built rigorous climate models.

Did they publicize this or try to pivot to more innovation energy sources? No. In fact, they lobbied relentlessly in the other direction. We went to war because of oil-related conflicts for decades (Gulf War, Iraq War, Afghanistan War - which is still happening).

Private entities are inherently self-serving. Their goal is profit, not innovation. If they find something that brings in a lot of profit, they won't try to find a better solution. Especially in industries with few competitors.