NIH Bets $1.5 Billion on a "Shark Tank" Approach to Fix America's Covid-19 Testing Problem
The National Institute of Biomedical Imaging and Bioengineering, operating under the National Institutes of Health umbrella, unveiled on April 29, 2020 a sweeping $1.5 billion program modeled after the competitive format of television entrepreneurship competitions where innovators present concepts to discerning backers.
Rather than dispersing resources through conventional grant mechanisms, the initiative challenges developers to accelerate Covid-19 testing technologies within a framework engineered to unblock one of the pandemic's most stubborn obstacles. The effort reflects the administration's strategy to harness competitive market forces in overcoming the testing deficiencies that hindered the nation's initial pandemic response.
Initiative at a Glance
- Agency: National Institute of Biomedical Imaging and Bioengineering (NIBIB), NIH
- Funding Amount: $1.5 billion
- Format: Competitive pitch-based model (inspired by televised entrepreneurship competitions)
- Objective: Rapidly advance Covid-19 testing technologies
- Announcement Date: April 29, 2020
- Additional Resources: Program details and application information available through STAT News
The program departs from traditional grant distribution by introducing competitive pressure as a catalyst for innovation, targeting the testing bottleneck that has constrained pandemic response efforts.
Based on: NIH Announces $1.5 Billion "Shark Tank" Program for Covid-19 Testing Innovation; National Institutes of Health; National Institute of Biomedical Imaging and Bioengineering, April 29, 2020.