Qualcomm & Novartis announce joint digital health investment fund
Novartis Pharmaceuticals has announced this week its plans to establish a new joint investment company with Qualcomm Life to support innovative digital health businesses, specifically targeting early stage companies that offer technologies, products or services that “go beyond the pill” to benefit physicians and patients.
The companies both see the growth of digital and mobile technologies as key drivers in changing the pharmaceutical industry at large and the fund will help put them on the cutting edge of the future of health for patients. The establishment of the company also combines the knowledge of Novartis’ innovation in the research, development and manufacturing of innovative medicines with Qualcomm’s expertise in digital and mobile technologies.
David Epstein, Division Head at Novartis Pharmaceuticals, commented: “By working with Qualcomm Ventures, Novartis sees the opportunity to take a greater leadership role in introducing new mobile or digital technologies that have the potential to change the practice of medicine and bring more breakthroughs with real benefits to patients and society. We are excited by the potential of digital medicines to further enhance our mission of the right drug for the right patient at the right time helping people live longer with a better quality of life giving more time to do the things that matter to them.”
Rick Valencia, senior vice president and general manager at Qualcomm Life, adds: “Novartis is a pioneer in putting technology to use in advancing pharmaceutical innovation. Standardizing on the tech-agnostic 2net Platform and accessing the robust ecosystem of integrated medical devices will provide them a great range of flexibility and scalability, ultimately accelerating their efforts to design more efficient, cost-effective clinical trials.”