A new research center at the University of Oxford aims to reduce the midstage clinical trial failure rate, which stands at about 90%. Hong Kong billionaire Li Ka-Shing and the U.K. government donated about $31 million each to fund the Li Ka-Shing Centre for Health Information and Discovery, with the goal of using data from patient records, genomic sequencing, clinical trials and national registries to help doctors make better decisions. Drugmakers Eli Lilly & Co., GlaxoSmithKline, Pfizer, Johnson & Johnson, Boehringer Ingelheim, Novartis, AbbVie and Takeda are giving $8 million each to the Target Discovery Institute at Oxford in an effort to find innovative targets for drug development.

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