In many industries, regulations address issues relating to innovations. For example, in the pharmaceutical industry, considerable experimentation is demanded and ex-ante approvals are required for marketing. In engineering systems, the consistency of innovations with network in which they are to be applied is often required to be certified, by either an industry body or the regulator.
In many others, innovations are left to the market test, unless they happen to have ex-post, negative effects, in which case public policy may consider intervening. In brief, there are several industries which have been subject to different systems of regulation, and they have stood the test of time.