Novartis Pharmaceuticals has announced it has formed a joint investment company with Qualcomm Ventures, the venture investment group of Qualcomm.
The company — dRx Capital AG — will invest up to $100 million to support early stage digital health companies.
These are companies that will have, according to a Novartis press release, “beyond the pill” products or services.
“By working with Qualcomm Ventures, Novartis sees the opportunity to take a greater leadership role in introducing new mobile or digital technologies that have the potential to change the practice of medicine and bring more breakthroughs with real benefits to patients and society,” said David Epstein, division head, Novartis Pharmaceuticals, in the release.
According to a MedCity News report, Qualcomm Life stated that it hoped to partner with other pharmaceutical or technology companies to invest in these early stage businesses, although initially it is just partnering with Novartis.
The joint investment company announcement came about a week after Qualcomm announced a strategic collaboration between its subsidiary, Qualcomm Life, and Novartis relating to global clinical trials.