There are two kinds of research: the applied research that results in
incremental steps like analog insulins, home BG testing, and A1c
tests, and the "breakthrough" research that (potentially) results in
Nobel Prizes. It seems to me that the "breakthrough" type of research
gets the lion's share of foundation and government funding, while the
applied research is done by the pharmaceutical companies in the
ordinary course of business.

Which of these two types of research has a proven track record of
usable results? Over the course of the last 40 years (ever since I
have been a diabetic), it's been pretty obvious that the attempts at a
"breakthrough" have been boondoggles.

The closest thing to a "cure" that we're likely to see is a cumulation
of all the small steps to date, with some incremental improvements:
namely, a closed-loop monitoring and insulin administration system,
something like an insulin pump combined with continuous BG monitoring.
That's what the scientific money should be concentrated on, instead of
futile attempts at islet transplantation, etc.