Medical research is extremely important, and in many cases, people’s lives depend on advances in medical technology and treatment. Nearly as high as the importance of medical research is its cost. For example, the cost of one randomized control trial (RCT)—the gold standard in medical research—can cost millions of dollars to conduct. Unfortunately, many hospitals and agencies do not necessarily have this kind of money in their budgets to put toward medical research and development. The good news, however, is that there are many grants and other funds that are available for public and private research agencies.
One of the major sources of funding medical research in the United States is the government, which accounts for approximately 31% of the annual funding for medical research in the U.S. Federal funding for research is often granted and monitored by the National Institutes of Health, which falls under the US Department of Health and Human Science. For more information about federal grants to fund your medical research, you can visit the NIH website at www.nih.gov.
Other major sources of funding for biological and medical research come from private donations, typically through foundations or private corporations. There is not a centralized resource that outlines what companies are looking to donate, which makes securing private grants more difficult than securing federal grants. However, private grants do not typically fall under the same regulations as federal grants, which allows for more flexibility in how private grant money is used.
Though the cost of medical research is expensive, this should not be used as an excuse to avoid taking on extremely important research project. There is plenty of funding available to support you through your research endeavours.
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