Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, has announced it intends to create a joint investment company with Novartis Pharmaceuticals, a global health care leader, to target early stage companies who offer technologies, products or services that "go beyond the pill" to benefit physicians and patients. The joint investment company will leverage up to $100 million to support selected innovations.
"The adoption of mobile technologies is already having a positive impact on healthcare practices and patient experiences around the world," said Nagraj Kashyap, senior vice president of Qualcomm Ventures. "Qualcomm has been actively investing in digital health since 2011, and we currently have 18 healthcare startups in our global portfolio. This joint investment company with Novartis will allow us to combine their expertise in healthcare solutions with our knowledge of mobile technologies to accelerate innovation in the field of digital medicine."
"By expanding Qualcomm's relationship with Novartis, we are making a significant stride towards achieving our goal of mobilizing healthcare and delivering the medical grade-enabling technology platforms to power scalable digital care models," said Rick Valencia, senior vice president and general manager of Qualcomm Life, Inc.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. QualcommIncorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other.