NEW YORK (GenomeWeb News) — The Mount Sinai Medical Center in New York will use a $12.5-million donation from a regional foundation to establish a research center to study personalized medicine, the hospital and the charity said today.
Mount Sinai will use the funds, which will be given by the Andrea and Charles Bronfman Philanthropies over 10 years, to start the Charles Bronfman Institute for Personalized Medicine.
The hospital said it plans to use the gift to start “an institution-wide biobank” and a “translational biomedical informatics center.” The grant will also go toward what will become a $30-million personalized medicine initiative.
The biobank and informatics center will be the IPM’s core “areas of focus,” the charity and the hospital said.
The Institute will “bridge the gap between genomics research and clinical patient care in the area of personalized medicine,” said Dennis Charney, who is dean of the Mount Sinai School of Medicine and executive vice president for Academic Affairs at the medical center.
"Personalized medicine is something that will fundamentally alter the medical industry, and will forever redefine the role of ubiquitous players such as insurance and pharmaceutical companies,” said ACBP President Jeffrey Solomon.