Earlier quoted context omitted.
You are excluding most government and charity funding into medical research. VC funding includes firms inside of the medical industry, but also companies operating across most of the economy. It’s not just IT, but food, solar, EV’s, rockets, etc. So, IMO these numbers are pretty reasonable.
I'm happy to see corrections with citations. I'd posted what information I could find. I found your original dismissal without any documentation unsatisfactory, and wanted to quantify overall rather than specific-firm-instance funding. And you're still not providing any citations for your claims. I suspect that the overall spend going into AI / adtech / digital media is disproportionately large relative to pharma spe…
“In the US, the federal government, private companies, universities, states, associations, and philanthropic foundations collectively invest more than $245 billion (PDF)Note 2 in medical research each year. https://unbreaking.org/issues/medical-research-funding/
“The US carries out 46% of global research and development (R&D) in the life sciences, making it the world leader in medical research.[1] https://en.wikipedia.org/wiki/Biomedical_research_in_the_Uni...
That suggest the numbers work out to global non medical VC funding at 400B vs 500B for medical research globally.
I’m not saying these numbers are particularly accurate, and they aren’t limited to drug research, but it does provide a different perspective.
PS: As to US federal funding of medical research quite a lot is sitting in the tax code rather than being handed out as grants, it’s not directly relevant. Except it rather inflates what companies label as medical R&D. This makes my position worse, but I bring it up because the actual numbers are dependent on how you interpret what’s going on. Do we include VC funding that’s essentially a private sale of equity from the founders to investors which doesn’t provide the company money? ¯\_(ツ)_/¯