The PRIME Institute was established in 1991 in the College of Pharmacy, University of Minnesota, as an independent and global research, education and consulting organization whose mission is the study of the economic and policy issues to help improve popular access to pharmaceuticals and pharmaceutical services.

The Institute is directed by Stephen W. Schondelmeyer, Pharm.D., Ph.D., Head of the Department of Pharmaceutical Care & Health Systems, Professor of Pharmaceutical Economics and Century Mortar Club Endowed Chair in Pharmaceutical Management and Economics.