Project financing is an innovative form of funding that enables the realization of long-term infrastructure and industrial projects. This way of financing relies exclusively on the cash flows that is generated by the project itself. The pharmaceutical industry, that is a high-risk and capital-intensive sector, requires specific financial models that can facilitate research and development of new drugs. This paper aims to analyze the synergy between project financing and the pharmaceutical industry, as well as its impact on the operations of biotechnology companies and leading corporations in the Republic of Croatia. The paper presents key success factors in financing of the pharmaceutical projects, and the sources of funding. It also presents a risk analysis associated with this type of investment. Special attention is given to practical examples of financing pharmaceutical projects, including an analysis of the "Osteogrow" and "OSTEOproSPINE" projects, as well as the development of methods for producing and labeling glycan standards for molecular diagnostics, as well as investment initiatives by companies JGL and Belupo. The research results indicate that project financing enables significant development of innovative therapies that can optimize healthcare systems and reduce the costs of long-term hospital treatments. By utilizing a combination of deductive and inductive methods, analysis and synthesis methods, and comparative analysis, the paper provides a comprehensive insight into the advantages and challenges of applying project financing in the pharmaceutical sector. The conclusions highlight the need for further development of financial instruments that will support the sustainable growth of the pharmaceutical industry and accelerate the innovation process in medicine.