Inova will be among about 40 private-sector organizations from around the U.S. that will also announce their own commitments during an event at the White House, where the National Institutes of Health will make its first funding awards supporting the Precision Medicine Initiative.
Inova’s contribution will be alongside the federal push. The federal initiative calls for the creation of a national participant group of at least 1 million people to support research in using a patient’s genetic makeup to improve diagnosis and treatments. The legislation signed back in December calls for $215 million to go toward the effort.
The Inova Innovation Fund will be a key component of the health system’s efforts to develop a biotech industry in Virginia focused on precision medicine. It will include include an incubator and commercialization programs to support new ventures, as the Washington Business Journal reported.
The consulting firm The Advisory Board Co. and the Chesapeake Regional Information Service for our Patients (CRISP) are also among those announcing their contributions to the initiative.
Photo: Flickr user Asim Bharwani
