Funding and logistical support will be offered to academic researchers and commercial enterprises as part of the Innovative Medicines Initiative, a partnership between the Commission and the European Federation of Pharmaceutical Industries and Associations (Efpia).
We're sending a signal to the US, Japan, China and India that Europe is taking its bioscience sector really seriously.
Arthur Higgins
President of Efpia
The programme hopes to create faster drug research and development, with Efpia to name the first 18 priorities of the initiative in the future.
President of Efpia, Arthur Higgins commented: "We're sending a signal to the US, Japan, China and India that Europe is taking its bioscience sector really seriously.
The UK already invests heavily in drug research, with the Wellcome Trust and the Medical Research Council (MRC) being two of the leading organisations in the field.
Supporting around 3,300 researchers on its programmes, the government-funded MRC spent £537 million on research and related activities in 2006/07, while affiliated company MRC Technology filed 25 patent applications.
The Wellcome Trust spends £650 million annually on research and has led developments in the human genome, the treatment of malaria and the care of premature babies.
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