The healthcare market and the overall healthcare system are already deep in a period of transformations geared toward facing the main issues of modern medicine: improving targeted drugs, enabling remote patient care, and facing persistent diagnostic. Finding solutions for all these problems, as well supporting the digital transformation of healthcare, means investors have come up with large amounts of money to support these efforts.
Not to be outdone by competitors like Amazon, which has already engaged in creating new venture funds, Cigna launches a $250 million venture fund.
Cigna Ventures will mostly focus on identifying and funding new innovative solutions in in areas like healthcare network optimization, improving risk assessment, and patient care plan assessment. Cigna Ventures is looking to invest in companies that work on improving member wellness, customer service and experiences, and therapeutic solutions. The fund was created to help Cigna identify, evaluate, and invest in early-stage innovation ideas which could eventually bring a solid return.
The investments chosen by the fund will be tested by focused pilot and test-and-learn activities. The idea behind starting Cigna Ventures is to invest in ideas that could become money wells for the future, enabling the Cigna develop new revenue streams by producing innovative treatments or health related solutions.
“Cigna’s commitment to improving the health, well-being, and sense of security of the people we serve is at the front and center of everything we do,” said Tom Richards, senior vice president and global lead for strategy and business development at Cigna.
“The venture fund will enable us to drive innovation beyond our existing core business operations, and incubate new ideas, opportunities, and relationships that have the potential for long-term business growth and to help our customers.”
The reinvention of healthcare to deliver value-based care is a trillion dollar business opportunity that not even global companies can ignore. By seeking the right minds, collaborating with the best talent, and supporting the most innovative healthcare startups, major corporations can emerge as leaders in the industry.
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