The Nanyang Technological University (NTU) is partnering the International Institute for Nanotechnology (IIN) to set up a $70 million research institute to develop healthcare innovations in the field of nanotechnology.

The IIN, which was established in 2000 and is part of the Northwestern University in the United States, focuses on research in the field of nanotechnology including medicine.

The new NTU-Northwestern Institute for Nanomedicine will support scientists from around the world working on joint research projects in the areas of disease diagnostics and targeted drug delivery methods, which aim to increase the efficacy of existing drugs. Researchers will also design new methods, like gene silencing, to treat diseases.

NTU President Bertil Andersson announced the collaboration on Monday at the annual American Association for the Advancement of Science meeting held in Chicago.

"The future in the delivery of drugs is in nanomedicine which allows the medicine to be conveyed to the intended location that needs treatment," he said in a statement released by NTU on Thursday.

NTU Provost Freddy Boey said that both universities have worked on research projects in the past and the new institute takes the relationship to a higher level.

Northwestern Provost Daniel Linzer added: "We are delighted to work with NTU in the formation of the institute and look forward to our faculty and students conducting research that yields a significant impact on human health."