This Tuesday in City Hall, I was proud to announce that City government will make a major investment in a pioneering 20-year research study on one of the most serious diseases of our time.
The City's Economic Development Corporation will invest up to $12 million over two years as start up funding for the New York Cancer Project, a landmark effort that is designed to bring together the unparalleled resources of the City's healthcare and research communities. The initiative is being developed by the Academic Medicine Development Company (AMDeC), a newly created consortium of 25 of New York's leading medical schools, academic medical centers and research institutions.
When fully established, the Cancer Project will involve the participation of 300,000 healthy New Yorkers between the ages of 35 and 64 who will voluntarily contribute their medical and lifestyle data for monitoring over a 20-year period, and in the process help uncover the environmental and genetic causes of cancer. The City has always been blessed with world-class medical institutions. This project represents the beginning of a new era of cooperation in which hospitals, medical schools, and others will collaborate to better achieve their research goals, and compete more effectively with other regions for funding to maintain our competitive edge in this fundamentally important field.
Total investment in the New York Cancer Project is expected to exceed $200 million. That will generate hundreds of jobs and important commercial spin-offs from findings and discoveries made during the span of the Project, bringing substantial additional biomedical research activity to New York City. Given the fact that the U.S. Congress increased the budget for the National Institutes of Health by $2 billion this year, and plans to increase funding to the NIH even more substantially over the next five years, the Cancer Project could not be better timed. It's just as wise an economic investment as it is a medical one. From Gracie Mansion, this is Mayor Rudy Giuliani.