Nonprofits across the country are increasingly funding promising, early-stage drug research to advance treatments for life-threatening diseases. The Cystic Fibrosis Foundation is a trailblazer in this area and is credited with helping to give this trend a name: venture philanthropy.
The estimated cost of developing a new drug is now $800 million. Investments by the CF Foundation and similar organizations—in promising but risky drug therapies—have become an integral part of bringing new treatments to market.
On June 29, the CF Foundation and its largest biotech collaborator, Vertex Pharmaceuticals, will brief Congress on venture philanthropy and how the Foundation created and funds an innovative drug development program to bring cystic fibrosis treatments to patients who need them.
The briefing will be hosted by the Congressional Cystic Fibrosis
Caucus, co-chaired by Reps. Edward Markey (D-MA) and Cliff Stearns (R-FL), and by the Congressional Biotechnology Caucus, co-chaired by Reps. Bobby Rush (D-IL) and John Shimkus (R-IL).