After working in medical research at the Cleveland Clinic in the United States, Favaloro decided to create a department of Cardiovascular Surgery and Anatomy in Buenos Aires.
In 1980 the Department of Teaching and Research (Departamento de Docencia e Investigación de la Fundación Favaloro) was founded and in the same year, in collaboration with the Department of Artificial Organs of the University of Utah, Favaloro implanted the first artificial heart.
Over the years the Departamento de Docencia e investigación changed its name to The Biomedical Sciences University Institute (Instituto Universitario de Ciencias Biomédicas) and the Basic Investigation Unit changed its name to the Institute of Basic scientific Investigation (Instituto de Investigación en Ciencias Básicas).
For this reason and due to the overwhelming corruption of the health system, René Favaloro committed suicide with a gunshot to the heart on July 29, 2000.
[1] Since his death the foundation has survived partly thanks to the bequest left by Favaloro, to remain one of the most important cardiovascular research institutions in Latin America.