Switzerland-based drugs producer Novartis Pharmaceuticals and US-based semiconductor company Qualcomm formed a joint investment company yesterday that will invest up to $100m in early-stage digital medicine companies.
The size of individual investments made by the joint venture has not been disclosed, but it plans to identify and back companies using technologies such as wearable devices, smartphone-enabled devices or mobile apps to deliver care.
Qualcomm, which is participating in the venture through investment subsidiary Qualcomm Ventures, and Novartis had already formed a separate partnership earlier this month, when Qualcomm Life, the company’s healthcare unit, was selected as a collaborator for Novartis’ Trials of the Future programme.
Trials of the Future aims to improve the experience of Novartis’ clinical trial patients through new technology, particularly connectivity technology, and Qualcomm Life’s 2net platform will collect and aggregate medical device data as part of the initiative.
David Epstein, division head of Novartis Pharmaceuticals, said: “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.”