But he agreed with Dr Ian French of Philips Research Laboratories that the problem with such new "disruptive" disciplines was that they would not replace existing technologies, which were established and cheaper at first.
However Cavendish Professor of Physics Sir Richard said: "At the moment this is a disruptive technology but it has immense potential. It does need to find its way into the marketplace on a commercial basis.
"We have seen this before with silicon thin-film technology, which was originally a specialist interest with the Japanese who used it to create mini-solar cells but then liquid crystal technology came in and it became the basis of LCD screens."
Sir Richard - also representing the Institute of Physics - Dr French and Professor Sue Ion from the Royal Academy of Engineering agreed that some specialist technological application was needed to break the commercial market.
They suggested plastic displays, such as an e-book, or specialist medical work. such as intelligent bandages or flexible drug delivery using the technology were the way in.
Dr French said he was sceptical of the possibility that plastic technology could oust existing, tried and tested technologies but that if the technology could find its own niche in the commercial market all that could change.
He said: "We know from experience that it is difficult for a new technology to find it's way to market. I am trying to develop plastic electronics with a Taiwanese firm. But once you can find an application that is commercially viable, the manufacturing costs fall and then it can move into other areas."
Sir Richard said: "At the moment it is a laboratory research area but we are working on extending it to the commercial market place. We have a good team of physicists, material engineers, chemists and other engineers working on it which is something that the UK does very well - better than the US.
"If we can get it into the market place its potential is almost without limit as we have seen before. It is making the breakthrough that matters."
Professor Ion said that the possible applications from new medical technology - through e-book to photo-voltaic cells - were enormous but needed large-scale government investment.
The Government's Technology Strategy Board said: "We recognise the need for continued technological development and this is why further support and investment is being seriously considered.
"Additional technological challenges relate to the compatibility between materials (including wet shelf life), device geometry, processing - especially the manufacturing proposition which could well be roll to roll and general issues of developing manufacturing capability.
"Some of these challenges require genuine scientific advances in the laboratory but all of them require an investment of engineering effort.
"A joined-up approach is required from electronic engineering and materials engineering through to manufacturing and process engineering, recognising some of the solutions will arise from academia.
"It is the integration of solutions from these disciplines which will lead to systems and products which can then services the global market.
"Plastic electronics is an emerging field that has the potential to disrupt the world of electronic circuits and flat panel displays. It has been identified by the Technology Strategy Board as an important part of one of the five technology pillars in the draft Electronics, Photonics and Electrical Systems Strategy."