Wealthy people can use their assets to fund research for rare diseases. However, problems can arise.
Funding research has always been a challenge, especially if the disease is rare and does not come easily to the public’s attention. However, in today’s world, some wealthy people with family members who have suffered from diseases have helped fund research through foundations, regular charitable giving and estate planning, according to The New York Times in "Bringing Family Wealth to Bear Against Relentless Illness."
The use of private money to fund research can be very beneficial and can also have positive effects on research.
Research into several rare diseases has progressed greatly, as a result of wealthy donors. However, there can also be problems associated with this type of funding.
In an effort to find cures for diseases some donors have not adequately ensured that proper scientific and medical protocols are followed and have even pushed hard to not have them followed.
Public policy experts also worry that this funding of specific rare diseases can lead to less research into more common diseases that afflict many more people, as researchers are pulled into the funded rare diseases.
Funding research into curing any disease is important, but donors need to be certain they are doing so following proper protocols and the greater interests of the public.
An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances and helps support research funding.
Reference: New York Times (April 28, 2017) "Bringing Family Wealth to Bear Against Relentless Illness."