The drugmakers spent $1 billion to fund the development of biologic treatments for diseases such as Alzheimer’s and Parkinson’s disease, a new report shows.
The drugmaker and its subsidiaries, Biogen Idec and Novartis, have committed to providing $2 billion in support for biologic development through their research and development arm, Biopharm, the report said.
Biopharma also has pledged $2.5 million to support clinical trials and to fund other research, the researchers said.
The report was prepared by the Center for Science in the Public Interest, a nonprofit that supports research on issues of public health and environmental sustainability.
It was released in advance of the U.S. Food and Drug Administration’s decision on Novartic’s application for approval for the drugmaker’s COVID-19 vaccine in October.
The FDA approved Novartin for treating the virus last year.
Novartas decision to allow use of COVID vaccine could be a major boost for the biologic industry.
Last month, the FDA approved the drug’s use in humans.
The biologic companies are also developing new drugs for cancer and immune disorders, and they have launched several Phase III clinical trials of their new treatments.
The Centers for Disease Control and Prevention estimates that more than 40 million Americans will be infected with COVID in 2018.
The U.K.-based Biogen also has a large pharmaceutical portfolio and has raised more than $20 billion since it began making the drug for a $4 billion initial public offering in July.
The company also has plans to begin human trials of a vaccine that will target COVID.
The National Institutes of Health is providing $1 million per year to the National Center for Biotechnology Information to support the development and testing of biotechnology applications for diseases.