Paul Sullivan reports on the major impact family wealth management offices can have on advancing medical research. For medical ethicists, wealthy people coming in and funding research to benefit their children or relatives, however, is a complicated proposition.
David Wendler, who heads the research ethics section in the bioethics department at the National Institutes of Health Clinical Center, said nongovernment funding of research was nothing new, with some 70 percent of the money coming from private, for-profit companies. Additionally, he said he welcomed the charitable and investment dollars of these family offices.
There are important public policy implications for the wealthy funding research, but there can be some challenges such as going public about what would normally be a private battle with a disease since there is often a personal connection.
Posted by Jacqueline Groccia, Associate Editor, Wealth Strategies Journal.