Retail pharmacy giant CVS Health
This corporate venture capital fund is called "CVS Health Ventures," and it will invest in and collaborate with early-stage companies in order to make them more attainable, less costly, and less complicated.
"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions. Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care," said Karen S. Lynch, President and CEO, CVS Health.
CVS Health has already created more than 20 direct investments through CVS and Aetna. The investments have created returns and partnerships that have been rather strong and persistent. The current investments include Unite Us, a technology platform that connects health care and social service providers, and LumiraDx, a point-of-care diagnostic platform.
Regarding this, Josh Flum, Executive Vice President, Enterprise and Business Development, CVS Health, said, "We will build on this experience by providing capital on our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space."
Since CVS plans to focus mainly on companies with the capacity for technology-induced ingenuity and lack of digital healthcare that are rooted in CVS Health's core strategy, the fund will, at its beginning stages, come up with a greater sum of money. CVS is ultimately built upon the objective of "meeting people where they are at" and tweaking health care in order to meet their own needs. CVS would like to help people as much as they possibly can, and so that is its essential goal in investing in these start-ups.
