A revolutionary â‚¬2 billion deal to spur drug discovery work in Europe is about to be unveiled, according to a new report in the Financial Times. The initiative, known as the Innovative Medicines Initiative, will provide billions of dollars in support for advancing testing of drug safety and efficacy over seven years. For Europe, the IMI marks a concerted attempt to show it can compete with the U.S. as well as Asia in the growing field of drug development work. The European biopharma industry has long been hampered by an anaemic flow of venture funds and governments well known for keeping their purse strings drawn tight when it comes to paying for drugs. The IMI is expected to help rejuvenate the field.
-Â read the report in the Financial Times