Insulin & Novo Nordisk
Credit: Novo Nordisk Foundation
| Giver: | Foundation |
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| Receiver: | - |
| Gift: | Money |
| Approach: | Philanthropy |
| Issues: | - |
| Included in: | Generosity and Health, Private Foundations |
Insulin, a vital hormone for metabolism regulation, was discovered in 1921 by Frederick Banting and Charles Best. Prior to this breakthrough, diabetes was often a fatal disease with limited treatment options. Banting and Best’s discovery was transformative and underscored by an act of notable generosity—they sold the insulin patent to the University of Toronto for $1, ensuring the medication's accessibility and affordability.
However, challenges such as access and affordability of insulin persist today, especially in low-income countries. It is within this context that the role of the Novo Nordisk Foundation is profoundly significant. Established in 1924 and intricately linked to the early production of insulin, it has grown into the world’s wealthiest charitable foundation, with a net worth of $93.73 billion as of 2021.
The foundation traces its roots back to Nobel laureate August Krogh, who obtained permission to produce insulin in Denmark, giving rise to the Nordisk Insulin Foundation. This entity, amidst internal rivalries and transformations, eventually evolved into the Novo Nordisk Foundation—a self-governing body balancing business and philanthropy, and focused on supporting scientific, humanitarian, and social initiatives.
In 2021, the foundation awarded DKK 8.9 billion in grants for new projects and initiatives. It has been instrumental in spurring innovations in health, sustainability, and life sciences, with its research grants resulting in 148 patent applications or patents, 93 clinical trials, and 216 medical products and services since 2016. The Novo Nordisk Prize, awarded to a scientist for outstanding contributions to medical science, further underscores the foundation’s commitment to advancing healthcare.
This intertwining of the Novo Nordisk Foundation with the legacy of insulin exemplifies a broader narrative of global generosity. The foundation not only benefits from the initial acts of generosity by Banting and Best but also actively shapes the ongoing journey of philanthropy and healthcare innovation. In the face of persistent challenges, the Novo Nordisk Foundation stands as a beacon of the enduring and transformative power of combined scientific and philanthropic efforts.
| Source type | Full citation | Link (DOI or URL) |
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