Silicon Valley-based Health2047 Inc., an integrated innovation company funded by the American Medical Association (AMA), is spinning out a separate entity called Health2047 SwitchCo, Inc.
Building on initial work performed within Health2047 and following 18 months of internal development, the newly spun-out company will commercialize a subscriber network for data transport that enables the secure permissions-based sharing of health data among patients, physicians, providers, payers, pharma and other healthcare enterprises.
The AMA announced in January 2016 it was investing $15 million to become the founding partner of Health2047, a stand-alone, for-profit company focused on developing solutions to the biggest challenges facing the nation’s 1.1 million physicians and the patients they serve.
Leveraging Health2047’s deep relationship with the AMA, Health2047 SwitchCo benefits from the AMA’s knowledge, situational awareness and centrality in US healthcare, as well as Health2047’s work with key strategic commercial partners to formulate a solution that enables data exchange in healthcare, according to a press release. Early Health2047 SwitchCo collaborators include Celgene Corporation.
Health2047 SwitchCo’s management team includes CEO Adriaan Ligtenberg, Ph.D., and CTO Charles Aunger, who previously served at Stanford Medicine, Cleveland Clinic Abu Dhabi, and the National Health Service (NHS). Serving on the board are Health2047’s chief executive, Douglass Given, M.D., Ph.D., AMA chief executive officer and executive vice president James L. Madara, M.D., and Ligtenberg. An initial Series A funding of $10 million was recently completed through Health2047 along with $12 million of additional funds.
“Today represents a significant milestone for Health2047,” Given said in a prepared statement. “Our mission is to transform U.S. healthcare at the system level by developing and commercializing solutions in the areas of data liquidity, chronic disease reduction, radical productivity enhancement, and payment models. Health2047 SwitchCo is the first of what will be a number of independent companies focused on transformational business opportunities in the healthcare arena.”
Get the latest information on Health IT and attend other valuable sessions at this two-day Summit providing healthcare leaders with educational content, insightful debate and dialogue on the future of healthcare and technology.