€5 billion from the EU and European pharmaceutical industry has been committed through the Innovative Medicines Initiative (IMI) public-private partnership to support drug discovery projects. IMI has funded 68 projects through open calls for proposals and established collaborations between academia, small and medium enterprises, large pharmaceutical companies, and regulators. IMI projects have resulted in over 1,100 publications, secured relevance for regulatory guidelines, generated over 2,000 direct jobs and 13,000 indirect jobs, and led to new companies and joint ventures in the biomedical sector.