A new building, called the Mireille Gillings Neuroimaging Centre, will go up on the Royal Devon and Exeter NHS Foundation Trust site.
The new building will help accelerate clinical trials for potential dementia treatments over the next five years.
The new centre should double the number of dementia drugs in development, through innovative use of new brain-scanning technology and techniques.
Fifty million people around the world suffer from dementia.
How Torbay Hospital bosses are tackling 'risks'
Poor state of buildings impacting staff and patients
RD&E and North Devon hospital waiting times slashed
It's still one of lengthiest in the country
Bus service changes leave villagers in North Devon stranded
Petition started to reinstate former direct route from Barnstaple to Exeter
Demand for action over Teign sewage spills
'This represents a risk to health for residents and visitors'
Cyclist critically injured in Sidmouth
Man, 20s, airlifted to hospital
Council owed £4 million by its own housing company
But it won't sell Mary Archers for student flats
