IMI is a public-private partnership between the European Commission and the European Federation of Pharmaceutical Industries and Associations (EFPIA).
The objective is to improve the process of developing new drugs and treatments by supporting cooperation in research and development.
French MEP Françoise Grossetête, of the European People's Party (EPP), said that the public-private partnership addressed the key challenges for public health in Europe. The IMI2 will contribute to the fight against the emergence and potential resurgence of infectious diseases, including increased antimicrobial resistance.
"It is through this type of initiative that we will meet the health challenges of the 21st century," the MEP said in a statement.
The first IMI initiative, which took place between 2007-2013, funded 40 projects and developed new therapies for patients while creating nearly 1,500 jobs for a budget of €2 billion, with one half of the funding coming from the Commission and the other half from EFPIA.
The second initiative, spanning the period 2014-2024, has seen its budget rise to approximately €3 billion. It will focus on the development of treatments that contribute to lifelong health and well-being, which are expected to gain in importance due to the aging population and rising levels of chronic and degenerative diseases.