Proposition 71 and CIRM--assessing the return on investment

Area of Science:

• Biomedical research funding
• Regenerative medicine policy
• Health economics

Background:

• California voters approved $3 billion in bonds for the California Institute for Regenerative Medicine (CIRM).
• The initiative aimed to foster advancements in regenerative medicine, expecting significant health and financial returns.
• There is a need to establish clear metrics for evaluating the success of such large-scale public investments in scientific research.

Purpose of the Study:

• To identify and propose key performance indicators (KPIs) for measuring the success of the CIRM initiative.
• To define benchmarks that align with the stated health and financial benefit expectations.
• To provide a framework for assessing the return on investment for public funding in regenerative medicine.

Main Methods:

• Literature review of existing metrics for biomedical research funding.
• Analysis of CIRM's stated goals and expected outcomes.
• Development of a proposed set of quantitative and qualitative benchmarks.

Main Results:

• Proposed benchmarks include milestones in clinical trial progression, drug development, and patient access.
• Financial benchmarks focus on economic impact, job creation, and industry growth within California.
• A balanced scorecard approach is suggested to integrate diverse success factors.

Conclusions:

• Establishing clear, measurable benchmarks is crucial for accountability and demonstrating the value of the CIRM initiative.
• Success should be evaluated holistically, considering both scientific/medical advancements and economic contributions.
• These benchmarks will guide future assessments of public investment in regenerative medicine.