EU Commission commits to faster access to better medicines initiative

The pan-European Innovative Medicines Initiative took a step forward this month, with the announcement by the European Commission of its commitment to the project, which was first launched in 2004, with a new version issued last year (Marketletter September 25, 2006).

This formal announcement is an important move toward making the IMI reality, a spokesman for the European Federation of Pharmaceutical Industries and Associations, told the Marketletter. The EFPIA has welcomed the action, which will now come before the Council of Europe for ratification.

The IMI will embody a new approach to research financing at the European level, bringing together public and private funds, involving industry, small and medium-sized enterprises and non-profit research institutions. It was identified as a candidate Joint Technology Initiative when the European Union's 7th Research Framework Program (FP7) was launched at the beginning of 2007. Its goal is the reinvigoration of the European bio-pharmaceutical sector, making Europe a more attractive destination for private R&D investment in this industry. In the longer term, it will allow faster access to better medicines for Europe's citizens, notes a Commission statement. Once agreed, the IMI will receive an EU contribution of up to 1.0 billion euros ($1.35 billion) from the FP7, which will be matched by funds from industry, resulting in a total budget of up to 2.0 billion euros.