US-based pharmacy benefit manager Express Scripts committed $25m to venture capital firm Lewis & Clark Ventures on Tuesday which will support investments in companies complementing its smart pharmacy strategy.
Lewis & Clark will be responsible for identifying suitable companies, in which it will invest between $3m and $7m at series A and B stage.
The US-based VC firm will consider software developers, device manufacturers and life sciences companies with a focus on healthcare across the financial, enterprise and agriculture sectors.
The two firms expect to primarily seek out startups that increase prescription drug adherence, enable personalised and accountable care, improve public health and provide technology that helps patients connect with their doctors.
Glen Stettin, senior vice-president and chief innovation officer at Express Scripts, said: “Innovation drives our industry-leading suite of cost-saving, clinically-based solutions that deliver quality, cost-effective pharmacy care to tens of millions of people.
“We continually scout for technology, ideas and people that are changing healthcare, and we believe that our investment with Lewis & Clark Ventures will further accelerate innovation across the Midwest, especially here in St Louis.”