The purpose of the present paper is to assess the current situation of the science and technology system in Colombia from a comparative perspective of quality indicators in Latin America and the Caribbean (LAC). We analyze the development of the science and technology policy in Colombia form a historical perspective. Our comparative analysis shows that Colombia quality indicators lag from those in the region. Even though policy changes have been a constant in the system of science and technology in Colombia, these changes have been not successful in significantly improving the quality and the impact of research communication and commercialization. Our conclusion is that a system of “management by objectives” applied to management research will substantially improve quality of the research undertaken under the current system of science and technology in Colombia.