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A quarter of a billion pounds has been pledged towards the UK’s first ever Dementia Research Institute (DRI), after two UK charities announced £100 million of new investment.

The Alzheimer’s Society and Alzheimer’s Research UK have both pledged £50 million each towards the work of the Institute, led by the Medical Research Council (MRC), in one of the single biggest financial commitments to dementia research in the history of both charities. Announced by Prime Minister David Cameron in his Challenge on Dementia 2020 last year, the Institute has been backed by £150 million of government investment. It will bring together scientists and experts from across the globe to transform dementia research.

Set to be fully up and running by 2020, the Institute will have a central UK hub with a network of regional centres and is expected to engage hundreds of scientists. The involvement of the country’s two leading dementia charities will draw together the work of scientists and medical professionals with experience of people living with dementia across the country. Universities and Science Minister Jo Johnson said: “This government has been crystal clear that we want Britain to lead the way in tackling this terrible condition, and scientific research and understanding is crucial to this.

“This Institute, with unprecedented funding from government and leading charities, presents a unique opportunity to pull together the UK’s world leading scientists and cutting edge research tools to get on with the job of defeating this disease for good.” Jeremy Hughes CBE, Chief Executive of the Alzheimer’s Society said: “The UK Dementia Research Institute heralds an exciting era for global dementia research as it launches an unprecedented collaboration of world-leading dementia expertise and provides the largest single investment in dementia research to date.

“Alzheimer’s Society is working to create a better world for those living with dementia and their families and this significant investment emphasises how important research is in achieving our ambitions. We are offering people affected by dementia, and all of us, hope for a better future in much the same way that cancer research has transformed how we diagnose, treat and care for those living with cancer.” Hilary Evans Chief Executive of Alzheimer’s Research UK said: “Alzheimer’s Research UK’s £50 million commitment to the UK Dementia Research Institute as a founding partner adds major impetus in our drive to deliver new dementia treatments. As the largest joint effort in dementia research the UK has ever seen, this commitment sends a strong signal that we are serious about taking the fight to the condition.

“Through world-leading research we can transform the lives of people with dementia, and our investment will help accelerate progress, as well as uniting the brightest scientific minds to focus on this great medical challenge. Alzheimer’s Research UK’s existing strategic initiatives, such as our Drug Discovery Alliance, will ensure promising breakthroughs made at the Institute are fed directly into the development of much-needed new treatments. The Institute, the power of the partnership around it and the potential it holds to transform UK research mark the next major step in our journey towards defeating dementia.”