LOL, you see "a staggering amount of waste" in commercial entities and thing the way to find efficiency is to look to the government? Like government-sponsored research is going to be more efficient? That's a good one.
Basic research is exactly the kind of thing that markets are bad at doing, so it really wouldn't be surprising. Which country do you see as a model of the success of privately funded research? As far as I can see, all countries that are making significant contributions to science are spending lots of government money on it.