Unlike traditional journals, however, which cost British universities hundreds of millions of pounds a year to access, articles in eLife will be free to view on the web as soon as they are published.

FORBES: The Coming Collapse of the Academic Publishing Model

Sir Mark Walport, the director of Wellcome Trust, said that his organisation is in the final stages of launching a high calibre scientific journal called eLife that would compete directly with top-tier publications such as Nature and Science, seen by scientists as the premier locations for publishing.

FORBES: The Coming Collapse of the Academic Publishing Model