There is established in the University of Arkansas a Breast Cancer Research Program. This program shall support research efforts into the cause, cure, treatment, earlier detection, and prevention of breast cancer and shall be administered according to the following principles:
(1) The program shall fund innovative research and the dissemination of successful research findings, with special emphasis on research that complements, rather than duplicates, the research funded by the United States Government and other entities;
(2)
(A) All research grants shall be awarded on the basis of the research priorities established for the program and the scientific merit of the proposed research as determined by a peer review process governed by the Oversight Committee on Breast Cancer Research.
(B) The committee shall consist of seven (7) members appointed by the Governor, as follows:
(i) One (1) shall be appointed to represent the Arkansas Medical Society, Inc.;
(ii) One (1) shall represent the Arkansas Hospital Association, Inc.;
(iii) One (1) shall represent the medical oncology community;
(iv) One (1) shall be a women's health advocate; and
(v) Three (3) shall represent the University of Arkansas system.
(C) Each of the four (4) congressional districts shall be represented by at least one (1) member.
(D) The members shall serve for a period of four (4) years;
(3) The peer review process for the selection of research grants awarded under this program shall be generally modeled on that used by the National Institutes of Health in its grant-making process, and the peer review process may stipulate that an applicant shall have participated in an established grant process before applying for a grant under this subchapter;
(4) An awardee shall be awarded grants for the full or partial cost of conducting the sponsored research grants and contracts; and
(5) All intellectual property assets developed under this program shall be treated in accordance with state and federal law.