Fig. 1From: Pension and state funds dominating biomedical R&D investment: fiduciary duty and public healthRisk capital for biomedical R&D by source. Sources: Author’s calculations. The split between public and industry funding is based on Moses et al. [2]. Tax credit estimate of 17% is based on DiMasi et al. [61]. Risk capital provided by institutional investors includes investments by pension funds [46], sovereign wealth funds [6] and central banks ([59]; [31]; [32]).Back to article page