This Innovative Medicines Initiative (IMI) report demonstrates how the first projects launched by IMI made concrete improvements to pharmaceutical research and development (R&D); leveraging funding; creating new knowledge and tools; and making Europe an attractive place to carry out research. The first nine IMI projects were analyzed by experts in health economics and research and innovation policies and detail the projects’ outputs and impacts. Of note, the IMI projects described in the report have generated tools, created collaborative networks, and produced additional funding for biomedical research.