Japan Creates Fund for Medical Devices and Drugs

Japan is trying to increase its domestic production of new drugs and devices. Tokyo-based Japan Agency for Medical Research and Development (AMED) has started a project to promote the development of drugs and medical devices by providing a fund research and development projects. The fund was started using government contributions, and will provide a total of ¥55 billion (~$500 million USD) to Japanese businesses and universities, with up to ¥10 billion ($90 million USD) to each project. AMED will contribute money to chosen projects for up to 10 years and will expect full repayment (without interest) within 15 years of project completion.

AMED is hoping that this funding will promote the medtech field and would like the funds to be used for projects such as drug discovery and regenerative medicine clinical testing. Project applications will be accepted until summer 2017, and will then be evaluated by a team of pharmaceutical developers, financial institutions, and other medical industries.