Healthcare company Merck Sharp & Dohme (MSD) and Wayra UK, an accelerator operated by telecoms firm Telefónica, launched a call for startups on Tuesday to apply for the second cohort of their accelerator program.
Velocity Health, launched in 2015, focuses on digital health startups that tackle issues outlined in the Five Year Forward View strategy of the UK’s National Health Service (NHS). The document outlines how the NHS can improve patient outcomes while tackling a funding gap estimated at £30bn ($39bn).
For its second cohort, Velocity will primarily seek out companies providing products and services to support patients suffering from two lifelong conditions, cancer and type 2 diabetes.
More than 2.7 million patients in the UK are already suffering from diabetes, with an additional 750,000 believed to also be affected but as-yet undiagnosed. More than 350,000 patients a year are diagnosed with a form of cancer.
Velocity Health will welcome startups to a 10-month program where they will receive an investment of £32,000 and services such as access to mentors and coaches worth another £32,000. They will also be given office space at Wayra UK’s new London facility and may receive access to Telefónica’s 300 million-strong customer base and MSD’s networks.
Louise Houson, managing director of Merck Sharp & Dohme, said: “MSD are excited to be working with Wayra to challenge experts in health and technology to provide us with solutions and radical rethinking to bring about substantial change in delivery and patient outcomes.
“We are looking forward to being part of a change to help people with diabetes and cancer better manage their conditions, which can hopefully have a positive impact on their quality of life. Additionally, we are committed to supporting innovation that is aligned with the NHS and the clear direction it has laid out in the Five Year Forward View.”
Startups have until October 17 to apply.