The additional funds will be used to create more jobs and invest more in the scientific efforts of the organization.
St. Jude Children’s Research Hospital – a $2 billion nonprofit healthcare system focused on treating, researching and curing terminal illnesses in children – has updated its strategic plan 2022-2027 and invested an additional $1.4 billion in the institution’s six-year operating and capital budget, bringing the total to $12.9 billion.
As part of the expanded investment, St. Jude will increase the number of planned new jobs from 1,400 to 2,300 and increase its funding for renovations and capital to $2.3 billion from $1.9 billion . The plan was launched on July 1, 2021, and is the biggest strategic expansion in the organization’s 60-year history, according to St. Jude.
Read more: Q&A with Pat Keel, CFO of St. Jude Children’s Research Hospital
St. Jude will use the newly allocated funds to increase investments in basic science, giving researchers a better understanding of why diseases grow, spread, and even resist treatment. St. Jude will also increase its investments in global childhood cancer care by providing training for physicians and nurses internationally.
“Even before the launch of last year’s strategic plan, we began to explore the possibility of further increasing the budget and headcount,” said James Downing, MD, president and CEO of St. Jude, in a company announcement. “Working with internal and external subject matter experts, we have developed a proposition of opportunities where greater investment would help accelerate the search for and treatment of catastrophic childhood illnesses. With these increases, we are better positioned to building on the described plan, as well as capitalizing on emerging technologies and discoveries.”
Amanda Schiavo is Finance Editor for HealthLeaders.