Everything about The Wellcome Trust totally explained
The
Wellcome Trust is the world's second richest medical charity after the
Bill and Melinda Gates Foundation, with net assets at
30 September 2007 of £15.1 billion ($30.2 billion). On
5th February 2008 the Wellcome Trust committed to increasing its funding for research and large scale biomedical projects to almost £4 billion over the next five years. The overall mission of the trust is "to foster and promote research with the aim of improving human and animal health", and in addition to funding biomedical research it supports the public understanding of science.
History
The trust was established in 1936 to administer the fortune of the American-born pharmaceutical magnate Sir
Henry Wellcome. Its income was derived from what was originally called
Burroughs Wellcome, later renamed in the UK as the Wellcome Foundation Ltd. In 1986, the trust sold 25% of Wellcome plc stock to the public, beginning a process of separating itself from the pharmaceutical industry. In 1995, the trust divested itself of any interest in pharmaceuticals by selling all remaining stock to Glaxo plc, the company's historic British rival, creating GlaxoWellcome plc. The cash windfall generated by this merger has shaped the trust's subsequent philanthropic activities. In 2000, the Wellcome name disappeared from the drug business when GlaxoWellcome merged with another British firm, SmithKline Beecham, to form
GlaxoSmithKline plc.
Activities
The Wellcome Trust invests an average of £650 million per annum in biomedical research. Most of this goes to support research that adds to our understanding of health and disease but may have no immediate application - medical benefits may emerge years later. Funds from the Wellcome Trust have supported several important recent projects:
In addition, the Wellcome Trust has an international research programme carrying out vital research on malaria and other diseases that cause high levels of mortality in Kenya, Malawi, Thailand, Vietnam and South Africa.
In October 2005 the trust was the first large research funding charity to encourage the publication of results in
open access repositories. The Wellcome Trust believes that maximising the distribution of these papers - by providing free, online access - is the most effective way of ensuring that the research can be accessed, read and built upon. In turn, this will foster a richer research culture.
Public engagement and the Wellcome Collection
The Wellcome Trust has two buildings on
Euston Road in
London. The Wellcome Building, at 183 Euston Road, built in 1932 in
Portland stone houses the
Wellcome Collection and the adjoining glass and steel building at 215 Euston Road is the Gibbs Building, by
Hopkins Architects, which opened in 2004 as the administrative headquarters of the Wellcome Trust.
In June 2007 the Wellcome Building reopened after refurbishment as a public venue, housing the Wellcome Collection, the
Wellcome Trust Centre for the History of Medicine at UCL
and the
Wellcome Library. The aim of the Wellcome Collection is to enhance public understanding of current thinking in medical science and history. The building contains gallery spaces, conference facilities, space for debates, drama and workshops, a café and a bookshop. The galleries show a small sample of works from Sir Henry Wellcome's collection, and host a programme of temporary exhibitions. The Wellcome Library is one of the world's foremost medical collections. The building and exhibitions are open to the public free of charge six days a week.
Further Information
Get more info on 'Wellcome Trust'.
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