Certain segments of academic science such as biomedicine, genetics and pharmacology are being rapidly commercialized especially in the U.S. In this article, I outline the developments that led to this phenomenon and argue that it has a number of negative effects on various aspects of science, such as the choice of scientific problems and the direction of scientific research, the discovery-invention distinction, social norms and the function of science. Since these issues are the standard purview of the philosophy of science, I urge philosophers of science to pay more attention to the commercialization of academic science.