The Novo Nordisk Foundation is investing $850 million in the European life sciences economy. The aim of the funding is to support innovation in Europe. This is due to concerns that innovation across the continent is lagging behind China and the US. Novo Nordisk's parent holding company will invest seven billion dollars a year until 2030. After 2030, it plans to invest five billion dollars a year in the next five years. The foundation is the majority shareholder of Novo Nordisk, owning approximately 28 percent of the shares and controlling 75 percent of the voting rights. It supports research in the field of medicine.