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news.The EU has launched the Innovative Medicines Initiative, an E2 billion program, for boosting the R&D activities in Europe and help revive the falling fortunes of the European pharma industry, according to PharmaTimes.
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The European Commission and the European Federation of Pharmaceutical Industries and Associations (EFPIA) have formed a strategic partnership to promote innovative research projects and help accelerate the discovery of new medicines and boost Europe’s competitiveness in biopharmaceutical innovation. The Innovative Medicines Initiative (IMI) is expected to pool public and private resources by encouraging joint program funding involving industry and public stakeholders.
The IMI with a total budget of E2 billion up to 2013, has allocated E123 million for the most promising research projects in the areas of brain disorders, metabolic and inflammatory diseases in 2008. In the future, the initiative will also provide cash for proposals to cover cancer and infectious diseases
Jonathan Knowles, chairman of the IMI governing board, said: “Earlier access by patients in need to new effective treatments is the ultimate goal of this joint initiative.”