CVS Health (NYSE: CVS) today announced that it was partnering with top startup accelerator MassChallengeand digital health venture fund Rock Health to drive faster innovation and expand areas of focus for connected health solutions. On the heels of the opening of its Digital Innovation Lab in June, these new collaborative relationships further demonstrate CVS Health’s commitment to driving rapid and impactful innovation in digital health solutions.
“We know that some of the best digital health innovations are already being developed, so we’ve made partnering a key part of our digital efforts,” said Brian Tilzer, Senior Vice President and Chief Digital Officer for CVS Health. “We have broad scale and resources; MassChallenge offers a competitive startup accelerator program and Rock Health has an impressive portfolio of market-leading companies. By working collaboratively with each, we can rapidly design and test new ideas ultimately bringing solutions to our customers that will dramatically impact the way they manage their health.”
As part of its digital strategy, CVS Health is focusing on innovation areas including mobile, personalization, connected health and digital therapeutics complements to the work that many of the portfolio companies are already exploring. By forging new relationships in key markets — Boston, for healthcare and San Francisco, for technology– CVS Health aims to collaborate with the most advanced and capable organizations to develop future-looking health care solutions that help its 100 million customers proactively and better manage their healthcare needs.
Continued Momentum in Boston with MassChallenge
By entering into a relationship with MassChallenge, CVS Health furthers its connections in the Boston technology community, where it opened up a Digital Innovation Lab earlier this summer. MassChallenge runs startup accelerators inBoston, Israel and the U.K., designed to connect high-impact startups with the resources they need to launch and succeed. Through the partnership, high-potential startups will have access to CVS Health’s breadth and resources to help facilitate the development of the next generation of customer-centric products.
“We’ve seen steady growth in the number of digital health startups that are seeking entrepreneurial resources,” said Scott Bailey, Managing Director of MassChallenge Boston. “We hope that by working with CVS Health, these startups will gain access to an even greater network of resources, helping them to develop their products, make new discoveries and rapidly grow their businesses.”
Making New Connections in California through Rock Health
CVS Health is also entering a relationship with California-based Rock Health, the first venture fund dedicated to digital health. The sponsorship will enable Rock Health’s impressive portfolio to engage directly with CVS Health, providing opportunities to deepen relationships with key stakeholders that share the goal of solving today’s health care challenges.
“With its unparalleled consumer reach, CVS Health is in a unique position to deeply impact the future of healthcare in the U.S. and we’re honored they’ve chosen to work alongside Rock Health,” said Malay Gandhi, Managing Director of Rock Health. “Working with the most forward-thinking companies in the industry is a major pillar of how we provide meaningful support to our portfolio companies.”
About MassChallenge
MassChallenge runs startup accelerators designed to catalyze a global renaissance by connecting high-impact startups with the resources they need to launch and succeed. Anyone can apply to MassChallenge, with any early-stage startup, in any industry, from anywhere in the world. MassChallenge does not take equity or place any restrictions on the startups it supports.
With programs in Boston, Israel and the UK, MassChallenge provides entrepreneurs with mentorship, office space, education, access to a vast network, and other resources during four months of acceleration. MassChallenge awards over $2 millionin non-dilutive grants to the startups demonstrating the highest impact and highest potential. A nonprofit organization, MassChallenge is funded by corporate, public and foundation partners. To date, the 617 MassChallenge alumni have raised over $947 million in funding, generated $485 million in revenue and created 5,105 jobs. For more information, visit www.masschallenge.org.
About Rock Health
Rock Health is the first venture fund dedicated to digital health. Rock Health partners include AARP, Abbott, Blue Shield of California, Boehringer Ingelheim, Brigham and Women’s, CVS Health, Deloitte, Genentech, Kaiser Permanente, Qualcomm Life, UCSF, and the VA Center for Innovation. For more information, visitwww.rockhealth.com.
About CVS Health
CVS Health (NYSE: CVS) is a pharmacy innovation company helping people on their path to better health. Through its 7,800 retail drugstores, nearly 1,000 walk-in medical clinics, a leading pharmacy benefits manager with more than 70 million plan members, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable, effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health atwww.cvshealth.com.
Press Contacts
Erin Pensa
CVS/pharmacy
T: 401.770.4786
E:Erin.Pensa@CVSHealth.com
Shannon Sullivan
MassChallenge Boston
T: + 888.782.7820 x 726
E: shannon@masschallenge.org
Lauren White
Rock Health
T: 202.320.8677
E: lauren@rockhealth.org
