New York-listed pharmacy chain CVS Health has set up a $100m fund which will targeting digital health technology.
CVS Health Ventures formalises a corporate venturing strategy that has resulted in investments in more than 20 startups through the CVS and Aetna businesses, CVS having acquired life insurance provider Aetna in 2018 for $69bn.
Current CVS Health investments include Unite Us, the developer a technology platform that connects healthcare and social services providers, and LumiraDx, which has created a point-of-care diagnostic platform.
Jason Hawbecker, vice-president for strategy and head of business development at CVS Health, has been made managing partner of the newly formed unit. The other two partners at CVS Health Ventures include Michael Pimental and Vijay Patel, with Alyssa Reisner as senior manager.
Karen Lynch, president and CEO of CVS Health, said: “Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in healthcare.”
Josh Flum, CVS Health’s executive vice-president for enterprise strategy and business development, added: “We will build on this experience by providing capital to our startup and venture partners and helping them scale more rapidly through commercial relationships with our business units.”
Photo of Jason Hawbecker courtesy of LinkedIn.
