Crowdfunding for cellular and gene therapy products

Area of Science:

• Biotechnology
• Health Economics
• Medical Innovation

Background:

• Cellular and gene therapies offer hope for debilitating diseases but are often costly.
• Patients pursue various avenues, including crowdfunding, to access these treatments, even post-regulatory approval.
• High direct and indirect expenses associated with these therapies necessitate alternative funding models.

Purpose of the Study:

• To examine the utilization of crowdfunding campaigns for financing United States Federal Drug Administration (FDA)-approved cellular and gene therapy products.
• To analyze the financial aspects and scope of crowdfunding for accessing these advanced medical treatments.

Main Methods:

• Searched the GoFundMe platform for campaigns related to 43 FDA-approved cellular and gene therapies.
• Collected data on campaign details, funding requests, and donations for 322 relevant campaigns.
• Analyzed 529 identified campaigns to understand funding for direct and indirect costs of accessing therapies.

Main Results:

• Identified 17 FDA-approved cellular and gene therapies funded through crowdfunding.
• 322 campaigns raised over $8.9 million from 154,230 donations, with a median of $3675.04.
• A significant portion of funds was concentrated in a few campaigns, with fundraising goals reaching up to $12 million.

Conclusions:

• Median fundraising goals and amounts received exceed those in previous medical crowdfunding studies.
• Disparities in fundraising goals and donations suggest potential inequities in insurance coverage.
• Challenges in accessing cellular and gene therapy products are indicated by the reliance on crowdfunding.