Background

NEWMEDS is funded by the Innovative Medicines Initiative, a unique large scale public-private partnership between the European Union (represented by the European Commission) and the pharmaceutical industry (represented by the European Federation of Pharmaceutical Industries and Associations, EFPIA).
IMI aims to put Europe at the forefront of biopharmaceutical innovation and to support more efficient discovery and development of better medicines for patients.
IMI's innovative funding scheme has a budget of €1 billion contributed by the European Union's Seventh Framework Programme (FP7/2007-2013). That amount will be matched by in kind contributions worth at least another €1 billion euro from the EFPIA member companies.