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FIGURE 14: The

FIGURE 14: The Biopharmaceutical Industry Supports a Broader Ecosystem Through Corporate Venture Capital $1,400 $1,200 $1,000 Biopharmaceutical Corporate Venture Capital Investment, 2006-2015 $925 $1,239 Millions $800 $600 $400 $533 $577 $464 $465 $437 $357 $567 $465 $200 $0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: PricewaterhouseCoopers and National Venture Capital Association. MoneyTree report: Biotechnology investing by corporate venture capital groups 1995-2015. March 2016. early-stage biopharmaceutical start-ups have experienced rapid declines in funding over the past decade, with first-round investment and deals as a share of total biopharmaceutical VC investment dropping by about 20%. 19 As a 2014 report by Deloitte notes, “If these trends are sustained it will further encourage financiers to invest their capital elsewhere, and for an industry that heavily relies on small-cap firms and venture capital to fuel innovation, this could negatively impact the ecosystem in a permanent way.” 20 biopharmaceutical companies have invested more than $6 billion in emerging biotechnology firms in the decade between 2006 and 2015 (see Figure 14). Much of this significant investment has been directed toward early-stage companies, with corporate venture arms participating in nearly 30% of early-stage deals in 2015, up from 13% in 2007. 21 However, the corporate venture arms of established biopharmaceutical companies are stepping in to help fill this gap—just one example of how the nation’s innovative biopharmaceutical companies seek to support and grow the R&D ecosystem. Corporate VC investments have steadily grown over the last decade—increasing by over 130% since 2006. In fact, established 38 Impact on the Economy and Biomedical Ecosystem

RESPONDING TO SOCIETAL NEED Increasingly, the biopharmaceutical industry is harnessing growing scientific and technological advances and collaborating across the life sciences ecosystem to ensure patients obtain the medicines they need. but there are also many stakeholders pursuing scientific discovery in larger consortiums driven by common interests to solve the toughest unanswered therapeutic challenges and develop platform technologies that speed and enhance development of new treatments for patients. 22 Meeting Unmet Medical Need for Patients: Effectively leveraging growing scientific knowledge and emerging technologies to treat and cure disease requires collaboration and information exchange among the best and the brightest throughout the R&D ecosystem. Biopharmaceutical companies are increasingly working in strategic partnerships with other key stakeholders to create efficiencies and accelerate the R&D process to address a number of areas of unmet need for patients. A forthcoming report from Deloitte explores how R&D partnerships are increasingly more open and collaborative. To pursue breakthrough discoveries in very difficult disease areas, three or more parties frequently are coming together with shared incentives to pool risks and rewards. Collaborations focused on driving a single molecule forward through clinical trials and to market remain common and effective, One exciting example of an innovative research collaboration is the Alzheimer’s Disease Neuroimaging Initiative (ADNI). Historically, developing medicines to treat Alzheimer’s disease, and many other neurological conditions, has been fraught with many challenges and setbacks due in large part to the complexity of these diseases. The ADNI collaboration is working to address these challenges to accelerate progress against this debilitating disease. A collaboration among federal agencies, nonprofit organizations, and industry members, ADNI aims to use neuroimaging to identify physical changes in the brain before the onset of the disease and to track the progression of these changes. The initiative also will establish quality standards for imaging data collection and sharing, and will validate biomarkers to be used in clinical trials. Data collected from ADNI are made available at no cost to other researchers to analyze and use when designing Alzheimer’s disease clinical trials and research projects. 23 Research collaborations such as these demonstrate the commitment of researchers across the life sciences ecosystem to collectively tackle the most complex and challenging diseases of our time in order to bring new medicines to patients. Impact on the Economy and Biomedical Ecosystem 39

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