Sports minister Richard Caborn has launched plans for a scheme which could secure up to £12m a year for the World Anti-Doping Agency (Wada).
Caborn wants the support of IOC members
Caborn intends to set up a trust to attract money from pharmaceutical giants to fund research and education into anti-doping.
The extra cash means Wada would be able to increase the number of out-of-competition tests on athletes.
"The effect of that will be that more cheats will be caught," said Caborn.
"Wada would be able to apply to the trust for money for research and education projects which in turn will free up more money to be used for expensive, out-of-competition tests."
Caborn, a member of the Wada foundation board, has already attracted the interest of major drugs firm GlaxoSmithKline.
The move should also cement Britain's anti-doping reputation with the International Olympic Committee and could help London's bid for the 2012 Olympics.
The vote on the host city takes place in Singapore next week.
Caborn added: "As a minimum the trust would match the budget Wada puts aside to fund anti-doping and research projects (£2m).
"There is also an expectation that we should aim to get private-sector investment that would match Wada's total budgeted expenditure (£10.5m)."
Currently, half of Wada's money comes from the Olympic movement and half from national governments.
The trust fund would reduce Wada's reliance on national governments, many of whom have yet to pay at all or are consistently late with their annual contributions.
The next move is for Caborn to host a meeting in London between Pound, Wada chief executive David Howman, and several pharmaceutical companies.
Meanwhile, researchers at Southampton University have announced a breakthrough in a test for human growth hormone, viewed by athletes in the past as undetectable.
There are now reliable tests for athletes of every ethnic background, having only previously been reliable for white Europeans.
Dr Richard Holt, who has led the research along with Professor Peter Sonksen, said: "The test is now suitable for use in the international sports arena.
"Although some further work is required before the test can be fully implemented we look forward to the test being in use for future Olympics."