BVGH Receives $7M Grant from Gates Foundation
Washington, D.C. – October 14, 2008
BIO Ventures for Global Health (BVGH) today announced that the Bill & Melinda Gates Foundation has expanded its support of the organization, so it can further engage biotechnology industry innovation to create new medicines for infectious diseases of the developing world. The $7 million grant will help BVGH build the market case for biotechnology industry investment through market-based incentives and to create new opportunities for R&D collaborations.
"We are thrilled by the Bill & Melinda Gates Foundation's support for expanding the BVGH mission," said Christopher D. Earl, PhD, President and CEO of BVGH. "Biotechnology industry resources are integral to the discovery of new solutions for the millions of patients suffering from diseases such as malaria, tuberculosis and African sleeping sickness."
"Priority Review Vouchers are valuable incentives that leverage industry expertise and encourage greater investment in innovation for neglected tropical diseases," said Christopher D. Earl, president and CEO of BVGH. "By taking advantage of existing market forces, patients in the developing world can have faster access to lifesaving products that may not otherwise be developed. And sponsors of neglected disease drugs can be rewarded for their innovations."
Barriers such as insufficient markets, funding, and information continue to deter industry from applying their technologies to research and development for neglected tropical diseases (NTDs). BVGH is tackling these barriers and addressing the issues most often identified by both the public and private sectors as limiting collaboration and the application of biotechnology resources.
"The biotech industry has an exceptional opportunity to apply its innovative skills to create new global health solutions," said Tachi Yamada, MD, President of the Gates Foundation's Global Health Program. "BVGH designs economic incentives and partnerships that help make this industry commitment possible."
BVGH's accomplishments are measured by the growing numbers of companies who are committing their best scientists and technologies to solving the most pressing public health needs across the globe.
"Improving health care in developing nations is a goal that all biotechnology companies share," said Joshua Boger, Ph.D., President and CEO of Vertex Pharmaceuticals Incorporated, and Chairman of the Biotechnology Industry Organization (BIO). "Biotechnology innovation has dramatically changed the lives of millions of people worldwide, and our industry must remain committed to utilizing its expertise and resources to ensure that diseases of both the developed and developing world are addressed in new and more effective ways."
About BIO Ventures for Global Health
BIO Ventures for Global Health is a non-profit organization whose mission is to save lives by accelerating the development of novel biotechnology-based drugs, vaccines, and diagnostics to address the unmet medical needs of the developing world. The organization spurs biotech industry involvement in global health product development by increasing biotech and global health partnerships, designing and advocating for compelling market-based incentives, and synthesizing and disseminating critical information and quantitative analysis. For more information, please visit www.bvgh.org.
For additional information, contact:
Molly Polen, Director of Communications, BIO Ventures for Global Health 202-470-6232