Home Business Mark Zuckerberg and Priscilla Chan Pledge $3BN to Fund Medical Research

Mark Zuckerberg and Priscilla Chan Pledge $3BN to Fund Medical Research

Mark Zuckerberg and Priscilla Chan have pledged $3 billion to fund medical research over the next decade.

At a press conference in San Francisco, the Facebook founder and his wife said their ultimate goal was to “cure, prevent or manage all diseases by the end of the century”.

The funds will be distributed by the Chan Zuckerberg Initiative, which they created in December 2015.

Tech leaders are increasingly turning their attention to health.

Photo Facebook

Photo Facebook

Earlier in the week, Microsoft said it intended to “solve” cancer by using artificial intelligence (AI) tools.

Google’s DeepMind unit is working with UK’s NHS (National Health Service) to find a way to use computers to more accurately diagnose diseases.

IBM and MIT announced a tie-up earlier this week to develop AI-based systems that could help clinicians improve the care of elderly and disabled patients.

Even so, the Chan Zuckerberg plan is marked by its ambition.

Mark Zuckerberg said that at present 50 times more money was spent on treating people who are sick than on curing the diseases that would stop them getting ill in the first place, and added that this needed to change.

The Facebook founder outlined three principles that will guide the couple’s investments:

  • to bring scientists and engineers together
  • to build tools and technology that advance research
  • to grow the movement to fund more science around the world

Priscilla Chan added that they had already committed $600 million to creating a new research centre called the Biohub, which will bring together engineers, computer scientists, biologists, chemists and other innovators.

The Biohub will initially work on two projects.

The first is the Cell Atlas, a “map” that describes the different types of cells that control the body’s major organs.

The second is the Infectious Disease Initiative, which will try to develop new tests and vaccines to tackle HIV, Ebola, Zika and other new diseases.

Mark Zuckerberg predicted that by 2100 the average life expectancy would be beyond 100 years.

However, he cautioned that it would take years before the couple’s fund led to the creation of new medical treatments and further time before they could be applied to patients.

Microsoft’s co-founder Bill Gates – who has funded his own health research via the Bill & Melinda Gates Foundation – appeared at the event to praise the announcement.

He described it as “very bold and ambitious” but added that “we desperately need this science”.

Mark Zuckerberg and Priscilla Chan announced in December 2015 that they planned to give away 99% of their shares in Facebook to fund good causes following the birth of their daughter.

The organization’s stated mission is to make long-term investments in work that advances human potential and promotes equality.

They had previously announced investments in education-related start-ups.

One expert said that dealing with all disease was “clearly ambitious” but added that deep-pocketed philanthropists were defined by the fact they could take such risks.

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