Wellcome Trust
The Wellcome Trust is a charitable foundation focused on health research based in London, United Kingdom. It was established in 1936 with legacies from the pharmaceutical magnate Henry Wellcome (founder of Burroughs Wellcome, one of the predecessors of GSK plc) to fund research to improve human and animal health. The aim of the Trust is to "support science to solve the urgent health challenges facing everyone." It had a financial endowment of £29.1 billion in 2020,[4] making it the fourth wealthiest charitable foundation in the world. In 2012, the Wellcome Trust was described by the Financial Times as the United Kingdom's largest provider of non-governmental funding for scientific research, and one of the largest providers in the world.[6] According to their annual report, the Wellcome Trust spent GBP £1.1 billion on charitable activities across their 2019/2020 financial year.[7] According to the OECD, the Wellcome Trust's financing for 2019 development increased by 22% to US$327 million.[8]
Founded
1936
210183
Biomedical Research
United Kingdom and overseas
- Julia Gillard[1]
(Chair) - Dr. John-Arne Røttingen[2]
(Chief Executive Officer)
£25.9 billion[4]
2,057[5]
History[edit]
The trust was established to administer the fortune of the American-born British pharmaceutical magnate Sir Henry Wellcome.[10] Its income was derived from what was originally called Burroughs Wellcome, later renamed in the UK as the Wellcome Foundation Ltd.[11] In 1986, the trust sold 25% of Wellcome plc stock to the public. Overseen by incoming Director of Finance Ian Macgregor, this marked the beginning of a period of financial growth that saw the trust's value increase by almost £14 billion in 14 years, as their interests moved beyond the bounds of the pharmaceutical industry.[12]
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. In 2000, the Wellcome name disappeared from the drug business altogether when GlaxoWellcome merged with SmithKline Beecham, to form GlaxoSmithKline plc.[13]
Investments[edit]
In August 2014, the Wellcome Trust bought the Co-operative Group's farm business (renamed Farmcare) for £249 million. This comprised "15,997 hectares (39,533 acres) of freehold and third party owned land, 15 farms, including three pack houses, over 100 residential properties, and 27 commercial properties."[35]
In 2015, the trust bought the Premier Marinas group.[36]
Criticisms[edit]
It has been reported that the Wellcome Trust has billions of investments in companies related to the problems the philanthropy wants to solve.[37] In the context of the COVID-19 pandemic, the trust has investments in pharmaceutical companies involved in the development and delivery of treatments for COVID-19, which means it has the potential to gain financially where those treatments are monetised.[38]