The American Medical Association (AMA) is investing $15 million to become the founding partner of a stand-alone, for-profit company called Health2047 Inc. that will develop solutions to the biggest challenges facing the nation’s 1.1 million physicians and the patients they serve.
“Health2047’s product orientation and entrepreneurial DNA will help forge new paths and bring commercial solutions to market faster,” said AMA CEO and executive vice president James Madara, M.D., in a prepared statement. Madara serves as board chair of Health2047.
AMA said Health2047’s Silicon Valley-based innovation studio would collaborate with AMA content experts across a wide range of medical, health policy, and pragmatic practice areas. Each of its projects will touch on a particular need important to the healthcare economy, including system-level solutions to chronic care; value-based healthcare and payments; connected health solutions; and collaboration models for physicians, providers, payers and patients. Projects are already underway at Health2047’s studio in each target area.
Health2047’s web site lists several executives, including Doug Given, M.D., chief executive. Given is an internist and infectious diseases doctor with a Ph.D. in virology. He is a serial entrepreneur and a venture capitalist. Over the course of his career, he has developed expertise in biotechnology, biopharmaceuticals, specialty medical products and healthcare innovation.
“Our new ‘co-laboratory’ model will partner with established companies to optimize their business entries in the healthcare economy, co-develop products with rapidly growing companies, and originate early-stage ideas,” Given said in a prepared statement. “We are delighted the AMA is Health2047’s founding partner.”