Have you ever wondered where health research gets its funding? There are several ways that both charities and health researchers raise money, including through business or government donations, private investors, and trusts. Giving money to these causes are a common way for organizations to give back to their communities, and since health issues can affect anyone, at any time, it is not uncommon for private donors and businesses to give back to health causes that they feel a personal connection to.
In 2017, health-related charity giving totaled 38.27 billion dollars or about nine percent of all donations made in the United States. This money goes toward hospitals, research institutions, and medical charities around the country who in turn find causes of disease, help patients and their families, and discover cutting edge techniques for treatment.
Donations from successful businesses are a common way for health-based charities to raise funds. For instance, the New York-based Schwartzapfel personal injury law firm has a page on their website fightingforyou.com listing over 30 healthcare charities they give to on an annual basis. Giving back has many benefits, both financial and social, for the donating party, from the tax incentives offered by the government to the morale boost it often gives their employees. Many job hunters have said that they are looking for companies which are willing to give back to their communities, and these donations reflect that cultural expectation.
There are many examples of companies choosing to donate to causes such as cancer research because of employees being personally affected by the disease. Plus, many health research causes will host public events to raise money. By donating to these causes, the company is able to both market itself to its community and create positive change in its community.
Private donors and trusts often have similar motives when giving to health-related charities and causes. Financially, there are many tax breaks offered in exchange for charitable giving. What’s more, since these donations are often personal and reflect an effort to show gratitude, there are often personal stories behind the choices a donor makes.
In some cases, these donors or corporations will bequeath parts of their estate or total charitable giving to trusts dedicated to advancing medical research and healthcare. These trusts usually have an annual budget of grants and donations that they give out to researchers and charities based on need and availability. Some trusts will focus on a specific medical condition or need, while others give out money more generally to researchers making grant requests.
The National Institute of Health is the Federal Government’s primary method of government funding for medical research, and it invests almost 40 billion dollars annually into discovering the causes, treatments, and cures for a wide range of diseases. About 80 percent of that money is given out through grants for research teams at major medical universities, research institutions, and other teams around the world. Another 10 percent of government funding for the NIH goes directly to their own team of doctors and scientists at the NIH headquarters in Bethesda, Maryland.
Ultimately, there are many places where health research causes get their funding. Business and private donations make up a lot of the annual budget as individuals, companies, and trusts find causes and charities whose goals line up with their own. The government is also a major source of research money, especially for diseases which pose a major issue to public health.
Most of the time, donations from private trusts and the government will come in the form of grant money given out for a specific research project, while businesses and individuals will give out charitable donations.