Belgium is one of six countries set to take part in a European project aimed at supporting pharmaceutical research and innovation, the European Commission reported on Tuesday.
Under the project, dubbed Med4Cure and approved by the Commission, public funding of up to €1 billion will be allocated to 13 participating companies, including Belgium’s OncoRNA. This funding should unlock an additional €5.9 billion in private investment.
Med4Care has been recognised by the Commission as an ‘Important Project of Common European Interest’ (IPCEI), a mechanism that allows a group of member states to collaborate towards achieving strategic European goals while benefitting from relaxed state aid rules. This is the first IPCEI in the healthcare sector.
In addition to Belgium, the project involves France, Italy, Hungary, Spain, and Slovakia. It entails researching and developing new drugs and treatments, as well as sustainable manufacturing methods in the pharmaceutical sector.
Med4Cure covers critical steps across the entire pharmaceutical value chain and focuses on unmet medical needs, such as rare cancers and antimicrobial resistance, said Margrethe Vestager, Vice President of the European Commission in charge of competition policy.
Through the creation of innovative treatments and more sustainable production processes, Med4Cure will improve healthcare quality and enhance Europe’s preparedness for health crises, she added.
Med4Cure’s completion is scheduled for 2036. It is anticipated to create 6,000 direct and indirect jobs.
The Commission also approved a joint hydrogen project on Tuesday.
