UPMC will invest some of its recently announced $1bn healthcare commercialisation budget to create a new pharmaceutical development firm.
University of Pittsburgh Medical Center (UPMC), the healthcare and insurance provider allied to University of Pittsburgh, hopes to form a pharmaceutical development firm allied to its internal research, Wesa 90.5FM has reported.
Jeanne Cunicelli, executive vice-president at UPMC, told the radio station the project was provisionally known as “UPMC Pharma” and could be realised through acquisitions of drug developers with proven products and revenues.
Another priority is likely to involve limiting the costs of drug manufacturing in order to pass on the best price to the consumer.
Cunicelli claimed to have assigned a team of “pretty well-known” industry personnel to drive UPMC Pharma, which will be funded via a $1bn early-stage venturing budget unveiled in January 2019.
The funds are to be administered through UPMC’s investment and innovation arm UPMC Enterprises, and invested in emerging medical drugs, diagnostics and devices.
UPMC has already allocated $200m of the sum to launch an immunotherapy-focused collaboration with University of Pittsburgh dubbed Immune Transplant and Therapy Center.
