The paper describes a sociological analysis of one of the most prestigious scientific institutions in Latin America in the light of its past achievements and in view of the challenges posed by the present and future trends which demand renewed quality, strength and competitiveness of national research. The core of the challenge facing the institute at present is seen to lie in the successful resolution of three different problems that divide and reduce its effective contribution to the national well-being. One of the problems is its very source of success, its collective culture of basic science. In conditions like the ones of the present transition where scientific practice, the organisation of that practice and the target of such activity have been experiencing profound changes in contemporary science, the 'pursuit' of academic culture prevailing in the institution may act as a break to more challenging pursuits. Another pressing problem is the excessive weight of labour issues compared to other issues that are related to its research mission, reflecting the overall 'malaise' of the public sector in the country. The last problem is connected with the new social demands upon an institution that set the traditional standards of scientific quality in a country that did not have them. This is another way of saying that the old 'social contract' is exhausted and a new one has to be agreed between the national society and IVIC.