WASHINGTON - U.S. President Barack Obama announced a plan on Wednesday to spend $5 billion to create new jobs for medical and scientific research, medical supplies and improved laboratory capacity.
The funds, to come from the $787 billion economic stimulus package, will pay for cutting-edge medical research in every state across America, the White House said in a statement.
We know that this kind of investment will also lead to new jobs: tens of thousands of jobs conducting research, manufacturing and supplying medical equipment, and building and modernizing laboratories and research facilities, Obama said in a statement.
The more than 12,000 grant awards are expected to create tens of thousands of jobs over the next two years and are part of an overall $100 billion Recovery Act investment in science and technology to lay the foundation for the innovation economy of the future, the White House statement said.
These awards will accelerate our progress toward the new medicines, treatments, and cures that will help Americans live longer, healthier lives, Health and Human Services Secretary Kathleen Sebelius said in the statement.
The awards will take the form of grants, meaning that institutions and researchers will have to apply for them.
More than $1 billion of the money will go to genomic research -- studying the DNA map to find causes of diseases and potential new treatments for them, especially cancer.
(Reporting by Deborah Charles and Maggie Fox; Editing by Bill Trott)