Boston, MA 02/06/2014 (wallstreetpr) – Pfizer Inc (NYSE:PFE) is to work with the U.S. government to develop new treatments for some of the most prevalent diseases among Americans. In a $230 million project the government is trying to identify new cure for Alzheimer’s, diabetes, lupus and arthritis.
In accordance with the practice of ‘groundbreaking’ at the U.S. National Institutes of Health, any findings in the research to be carried out will be available to the public. With special attention to finding a treatment for Alzheimer’s, the research is focused on treating such diseases which costs the Nation billions of dollars every year.
Since 1998, there have been as many as 100 failed attempts made in the direction leading to the development of a cure for Alzheimer’s. Pfizer Inc (NYSE:PFE) has also made an attempt in this field and it was one of the last two major setbacks in developing a treatment. The other one was Johnson & Johnson (NYSE:JNJ). Sanofi SA (ADR) (NYSE:SNY)’s take on this issue is entirely laid back as the Chief Executive Officer, Chris Viehbacher said that his company will not make any advancements in this ground. He believes science is not yet ready to bear the risks involved in such a task. Also, the costs to develop a drug for the disease would be way too high for being practically feasible.
NIH funds distribution
Apart from the $562 million NIH plans to spend on Alzheimer’s this year, it also aims to spend around $1.1 billion on diabetes, $260 million on arthritis and $109 million on lupus. A maximum of funds for all these diseases will be employed in research on HIV and AIDS, where the agency will spend $3.1 billion.
In a conference in Washington, NIH director Francis Collins said that they are now trying to pick out ones which promise greater potential for successfully contributing to the next generation of drug development. He said they want to make their selections right at the beginning of the development process so that they can save on both- time and money. He further shared plans to divide the intended $230 million equally among the chosen companies. The NIH, having a budget of $30 billion per annum, is the largest provider of funds for biomedical research in the world.
Some other names
Apart from Pfizer, there will be nine other drug makers who will be a part of the government venture, including Johnson & Johnson and Sanofi. Some other names include Eli Lilly & Co. (NYSE:LLY), AbbeVie Inc., Biogen Idec Inc (NASDAQ:BIIB), Bristol-Myers Squibb Co. (NYSE:BMY), GlaxoSmithKline Plc (ADR) (NYSE:GSK) and Takeda Pharmaceuticals Co Ltd.
Pfizer Inc (NYSE:PFE)’s president of the worldwide research and development, Mikael Dolsten said in a statement that this joint effort of major scientific keyplayers of novelty ecosystem promises a more unified approach.
The government said the U.S. Food and Drug Administration along with the non-profit advocacy groups, which represent patients suffering from the diseases, will also be participating in the project.