Have you ever wondered where all that money for medical research comes from? Maybe you had a loved one who suffered from a serious disease, and you want to know how to get more money into your cause. Or perhaps you are just curious because you hear on the news about all sorts of medical research, but you never know how it is funded. In this post, you’ll learn about some of the sources of money for medical research.
The Many Sources Of Medical Research Funds
One of the largest sources of money for medical research is the United States government. The National Institutes of Health (NIH) is the single largest source of money for medical research in the whole world. Individuals, charities, and businesses can search for grants and contracts with the NIH, allowing significant amounts of research to happen that can shape the future of humanity by finding cures to serious diseases that have harmed so many, such as cancer.
That being said, private industry has a large role to play in funding medical research. Specifically, biotech companies invested over $1.3 billion in research in the year 2012. Biotech companies will frequently do experimental research, because if they uncover the next wonder drug, they could become worth billions of dollars. They may get rich, but they get rich because they help cure needed ailments.
Finally, charities and other philanthropic organizations bring a lot of money into the medical research world. Whenever you see those pink ribbons, you can bet that someone was raising money for breast cancer research. Charities and nonprofits raise a substantial amount of money for medical research, but it’s not all rich people giving or organizations investing profits from their mutual funds. In fact, a sizable percentage of giving is done by individuals who donate what they can to organizations that then fund research for breast cancer, multiple sclerosis, Alzheimer’s, or any number of other illnesses.
Medical research plays an important role in our society. The medical research done today will lead to the cures of major illness tomorrow. By virtue of the funding of the U.S. federal government (and therefore tax payers), private companies such as biotech companies, and charities, billions of dollars go towards medical research every year. If there is a cause near and dear to your heart, then don’t think twice about donating to medical research organizations. Your donation could be a part of the next major cure that moves humanity forward.