The Innovative Medicines Initiative is a public-private partnership between the European pharmaceutical industry and the European Union that will fund collaboration in certain stages of medicines development and remove bottlenecks in the R&D process.
The €2 billion partnership - half the funding comes from the EU and half from the European Federation of Pharmaceutical Industries and Associations (EFPIA) – has been warmly welcomed by the ABPI.
“It’s going to provide a unique opportunity for industry, universities, regulators and healthcare practitioners to work together in partnership,” said Dr Philip Wright, Director of Science and Technology at the ABPI.
“I am very optimistic that the initiative will bring medicines to patients more quickly and effectively and also enable Europe to catch up much of the ground that it has lost – and will continue to lose without such action – to other countries.
“The UK-based pharmaceutical industry conducts 10 per cent of the world’s research into innovative medicines, and it is vitally important that this world-leading position is not squandered. This initiative can only help us in our endeavours to remain a major centre for global R&D.”
The IMI partnership will focus primarily on enhancing the safety and efficacy of new medicines. While EFPIA member companies are supporting the initiative, which will benefit research by small and medium sized enterprises, academia, patient organisations and other non-profit public entities, they and other pharmaceutical companies not defined as SMEs will not benefit from public funding.
The stated aim of the project is to make Europe, by 2010, the most competitive and the most dynamic knowledge-based economy in the world.
For further information, please contact: ABPI Press Office 020 7747 1410