J.P. Morgan Joins U.K. Government to Create New Fund to Fight Dementia
Fund to expand research on disease impacting 47 million people
J.P. Morgan today announced that it has been working with the U.K. government to develop a new multi-million pound fund to encourage investment into better treatments for dementia, a condition that affects an estimated 47 million people worldwide. The firm is providing financial advice to the government and support through its knowledge and experience of the healthcare industry to help identify private sector investment. The aim of the Dementia Discovery Fund (the “Fund”) is to create an innovative collaboration that will bring together the combined expertise and resources of J.P. Morgan, the U.K. government, national research organizations, and major pharmaceutical companies, including clients of the firm.
“We believe J.P. Morgan has a responsibility to put our world-class financial advice and global network to work addressing major social and economic challenges. As a premier advisory firm for healthcare companies and leader in impact investing, advising the U.K. government on this Fund was a natural fit for J.P. Morgan,” said Daniel Pinto, CEO of J.P. Morgan EMEA. “With only three new dementia-treatment drugs approved in the past 15 years, it is clear that public-private partnership will be essential to accelerate funding and overcome this global health issue.”
The U.K. government has made it a priority to lead the global fight back against dementia, and committed to identifying new disease modifying treatments by 2025, which was a key commitment of the U.K.’s 2013 G8 summit. The Fund will finance pre-clinical research identified by renowned scientists as having good potential for clinical success.
“Dementia is a global threat and we have taken enormous steps in putting this condition on the international health agenda. But there is still much more we need to do to give people with dementia hope for the future,” said Jeremy Hunt, U.K. Secretary of State for Health. “That’s why I’m delighted that J.P. Morgan has worked with us to design this Fund to help turn innovative research into new drug development. It’s significant step in our fight against dementia.”
With the aim of diversifying investment into new exciting areas of research, the Fund intends to improve the likelihood of identifying treatments to slow the progression of the disease and improve the quality of life of dementia patients and their carers. The Fund’s supporters include GlaxoSmithKline, Johnson and Johnson, Biogen, Lilly, Pfizer, and Alzheimer’s Research UK.
“Alzheimer’s Research UK are delighted to be part of this unique and innovative initiative, a world first for dementia research”, said Dr. Matthew Norton, Head of Policy at Alzheimer’s Research UK. “The Fund will bring much needed new money into dementia research, but importantly also represents a new way of doing things. It will ensure some of the best minds in commercial drug discovery focus their efforts on dementia, widening the breadth of focus in the area and increasing our chances of success.”
JPMorgan Chase has a history of working on innovative funding structures like the Fund, which are critical to attracting new capital to the global health industry for new research and development. In 2013, JPMorgan Chase and the Bill & Melinda Gates Foundation structured a new $108 million investment fund to advance late-stage global health technologies, like vaccines, in low-income countries. The firm has also worked across a number of sectors to marshal impact funds including the African Agricultural Capital Fund, Novastar Ventures, and LeapFrog Investments, to pursue positive change for low-income and excluded populations.
The Fund is part of a broader effort supported by the World Dementia Council which works to improve regulatory pathways and data sharing across research organizations. The council formed following the 2013 G8 dementia summit and comprises of academics, practitioners and government representatives.
About J.P. Morgan
J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. The Firm and its Foundation give approximately $200 million annually to nonprofit organizations around the world and lead volunteer service activities for employees in local communities, utilizing its many resources, including access to capital, strength, global reach and expertise. More information is available at www.jpmorgan.com.
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