Ten major American and European pharmaceutical firms announced Wednesday that they are joining forces on a nonprofit effort to speed the development of new drugs, Reuters reports.

Abbott Laboratories, AstraZeneca, Boehringer Ingelheim, Bristol-Myers Squibb, Eli Lilly, Genentech, GlaxoSmithKline, Johnson & Johnson, Pfizer, and Sanofi will contribute money and other resources to the nonprofit TransCelerate BioPharma, based in Philadelphia.

The new entity aims to cut costs, boost efficiency, and establish guidelines for global pharmaceutical players to share expertise in testing and producing new drugs, giving clinical investigators a one-stop shop for research and helping ensure that promising treatments do not fall by the wayside.

“What we’ve seen over the last few years is that costs have risen and the success rates have gone down through all of the phases of drug development, and we’re trying to address that,” said TransCelerate CEO Garry Neil, a former Johnson & Johnson executive. “We want to simplify, standardize, and also raise quality.”