Research funding of medical product development Essay

Alzheimers disease is one of the most common ailments in adults especially the old. Over 26.6 million people around the world be affected by the disease with an increase expected in the coming years. So far, there has been no established cure for the disease whose results are painfulness and suffering in the patients and death. With these facts, explore that can lead to success in tackling this global calamity would be instrumental and welcome. This makes it critical and worth for any inning of financial backing to be provided in any seek towards elimination of the same. The document evaluates the various forms of support available which would help in the look to develop a novel compound critical in controlling and even curing the disease.DiscussionNational governments are one of the biggest sources of funding for clinical investigate. Various governments fix aside some money in their Health sector budget of which a big portion includes money for research. The government fu nding programs operate locally or interacross the country (Murray & Johnston, 2010). An example in national government funding is the NIH (National embed of Health) which through its various sections such as the National Human Genome look for Institute provides funding for research projects in America (Kulakowski, 2006). For the case of research in Alzheimers disease, national funding is through the National Institute on Aging. Government funding is beneficial in that they are not discriminative compared to funding from other sources such as organizations. However, one disadvantage is that the funds whitethorn take long thus jeopardizing the research (Kaitin, 2010).Associated closely with national governments and also a source of funding are government agencies. Agencies operate both nationally and internationally (Shaw, 2005). An example of such an agency is the Department of Energy in America. The agencies provide the funds to different sub-divisions of research areas, for exa mple, the Human Genome Project section which may assist in developing the compound identified (Boss & Eckert, 2006). With their international trading operations, the benefit is that the agencies will fund any project that fulfills its requirements. One disadvantage however is that agencies are prone to manipulation and thus may be biased in funding projects due to political differences (Smith, 2006).Another source of funding for scientific research projects are foundations. These entities have a wide range of research requirements and interests (Hulley, 2007). Some of the foundations will be specific in the areas they want to fund such as the American Cancer Society that focuses on Cancer. Others are open for any research in any area such as the Howard Hughes Medical Institute which provides funding for various areas, for example, Alzheimers disease (Reinhart & National Research Council, 2006). Brightfocus Foundation and Alzheimers Research Foundation are some of the foundations th at focus on funding Alzheimer based research (Financing roundup, 2008). The benefit in using foundations is that they span a wide range of research areas thus a big chance of cosmos funded (Clinical research in Finland in 2002 and 2007, 2013). There is a disadvantage in that funding from foundations is subject to misappropriation through vices such as corruption affects the operations (Cambron, 2008).Many individuals have been known to offer private funding for research projects all over the world. Wealthy individuals are now funding scientific research institutions or individual based ones (Page, 2012). Armand Hammer, former chairman of Occidental Petroleum Corporation is an example. For his case, he provided funding for cancer related projects (Lee, 2010). Another example is Ronald Perelman and Lilly Tartikoff who funded the Revlon/ UCLA womens Cancer Research Program under the leadership of Salmon (Bazell & Bernstein, 1998). One advantage of funding from individuals is that ther e are no rigorous processes involved in obtaining the funds like is the case with government agencies and foundations. A disadvantage in using the same is that individual funding may be withdrawn when differences trick up thus stalling the research (Kullmann, 2006).ReferencesBazell, R., & Bernstein, A. (1998). Her-2 The making of herceptin, a revolutionary treatment for breast cancer. New York Random House.Boss, J. M., & Eckert, S. H. (2006). Academic scientists at work. New York, NY Springer.Cambron, J. (2008). Grant funding for elderly health services (6th ed.). Manasquan, NJ Health Resources Publishing.Clinical research in Finland in 2002 and 2007 Quantity and type. (2013). 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R., & National Research Council (U.S.). (2006). Enhancing philanthropys support of biomedical scientists Proceedings of a workshop on evaluation. Washington, DC National Academies Press.Shaw, G. (2005, October). Tapping Alternative Sources Funding Beyond the NIH. G & P, 5(8)12-18.Smith, C. (2006). The process of new drug discovery and developme nt (2nd ed.). New York Informa Healthcare.Source document