I don’t know the numbers off the top of my head, but most likely substantially more of the money is from industry. However, just answering that requires really

I don’t know the numbers off the top of my head, but most likely substantially more of the money is from industry. However, just answering that requires really carefully defining the question- because much academic research that happens to lead to new drugs or drug targets is basic medical and biology research- do you also include all biological research that does not turn out this way? On the industry side do you include all biotech startups hoping to sell to big pharmaceutical companies including the majority that do not? Clinical trials are incredibly expensive but also comparatively straightforward and require a very different set of facilities and skills from basic research. Pharma mostly could not recruit away the people with these skills from academia- they can’t offer the same freedom and job security, but the academics often found startups they work for on the side and ultimately sell to pharma if it works out. So comparing money spent isn’t the entire picture of relative contribution- as they are each doing parts the other is not equipped for.