According to Gemini, The United States' investment in medical and health research and development (R&D) reached $245.1 billion in 2020. This accounted for approximately 5.9%, or just under 6 cents of every health care dollar spent in the U.S. that year.
Here's a breakdown of the funding sources in 2020:
* Industry: $161.8 billion (66.0%)
* Federal departments and agencies: $61.5 billion (25.1%), with the National Institutes of Health (NIH) contributing the largest portion at $48.9 billion (20% of all medical and health R&D investment).
* Academic and research institutions: $16.8 billion (6.9%)
* Other sources (foundations, state and local governments, voluntary health associations, and professional societies): $5.0 billion (2.0%)
More recent data indicates the following:
* The National Institutes of Health (NIH) is the largest public funder of biomedical research globally. Its budget for Fiscal Year 2023 was nearly $48 billion.
* In Fiscal Year 2024, the NIH awarded $36.94 billion to researchers across the U.S.
An analysis of FY2024 NIH funding showed that for every $1 invested, $2.56 in new economic activity was generated nationwide.
* For FY 2026, a proposed federal budget suggests a cut to the NIH budget to $27 billion. This proposal also includes consolidating the NIH's 27 centers and institutes into five focus areas.
It's important to note that these figures represent a snapshot in time, and the amount spent on medical research can fluctuate annually based on various factors, including government appropriations, industry investments, and philanthropic contributions.
I also believe it’s a good investment in our future as a nation and critical to maintaining our edge in technology which is slipping away.
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