Because groundbreaking science is most valuable when it can be translated into products that are available to Texans, a crucial component of CPRIT’s mission is to create and support infrastructure in Texas that accelerates the movement of new cancer drugs, diagnostics, and therapies from the laboratory to the patient. This process is called commercialization. CPRIT takes its commitment to commercialization efforts seriously, dedicating personnel and operational funding to major commercial initiatives like the creation of the Commercialization Review Council and the recruitment of a virtual management company.
Commercializing cancer research benefits Texans in a variety of ways, including the introduction of new products, devices, and therapies; the creation of new, highly skilled jobs; increased economic activity; enhanced state revenues; and reduced health care costs and lost productivity. These benefits are realized only when new knowledge gained by CPRIT researchers is brought into the public domain through intellectual property agreements that encourage additional investment from the private sector to develop and commercialize new products.
CPRIT will judge the success of its commercialization operations plan by its ability to generate commercialization opportunities from academic research and private sector company proposals, to proactively engage industry -- both internal and external to Texas, and to support large collaborative projects like a state-based clinical trials network, biorepository, and a drug development network.
These are ambitious goals, but the State of Texas is perfectly positioned to take on this challenge. CPRIT will continue to seek the input of all stakeholders in order to ensure that Texas implements the best policy for initiatives like increasing efficiency in drug development, improving drug efficacy and enabling personalized medicine.
2012 Innovations ConferenceFunding OpportunitiesSpotlight On
Venture Capital Panel Discussion
Venture capital is an essential component of drug discovery. In this video from our recent 2012 Innovations In Cancer Prevention and Research Conference, hear what some distinguished members of the life science investment community had to say about the current state of financing, including what is needed to be "venture fundable".
Craig Benson, President and CEO of Rules-Based Medicine, talks about how the CPRIT funds will allow his company to expand their capability and in doing so, enable researchers to take a more detailed look at the impact of cancer than ever before.
