That figure, which covers 2014 and 2015, marks a significant per-year jump from the $400 million PCORI officials have estimated they will award by the end of 2013, an amount that includes $114 million in research grants announced in September.
The commitment includes a projected $528 million for research awards in 2014. Additionally, the board approved an operating budget of $182 million for the upcoming year.
PCORI-funded research addresses a wide range of areas, including health disparities, shared decision-making, chronic disease management and research methods.
At a meeting in Atlanta, the board also discussed the group's long-term funding options. Established by the healthcare reform law, PCORI receives its money—an estimated $3.5 billion through 2019—through a trust fund that draws on the U.S. Treasury Department's general fund and a fee on insurance plans.