Aspire Universal and Penn Medicine Lancaster General Health have launched the Aspire Ventures Precision Medicine Fund to fast-track innovation for personalized devices and medical practices.
The $300 million fund will invest in devices and therapies that leverage artificial intelligence and Internet of Things and Penn Medicine Lancaster General Health (LG Health) and Aspire will share expertise and licensed intellectual property.[Also: Legendary scientist Leroy Hood sees big changes ahead for 21st Century healthcare]
Their goal is to offer solutions at a “massive scale” that take into account each individual’s DNA, microbiome, biochemistry, and lifestyle, Essam Abadir, managing partner of Aspire Universal said in a statement.
“Integrating better technology into the U.S. healthcare system is one of the most viable solutions for curbing skyrocketing costs,” Abadir noted. “The overwhelming majority of healthcare investments fail because they are designed in isolation from the health systems that use them.”[Also: Here’s what to expect at the upcoming HIMSS Precision Medicine Summit]
The model Aspire and LG Health employ aims to shave years and millions of dollars off the traditional investment process by leveraging strategic resources committed by Aspire and LG Health in the form of proprietary AI, health data, and clinical expertise, Abadir explained.
To that end, clinicians from LG Health and innovators from Aspire will work side-by-side to synthesize complex AI and research to fast-track ventures through clinical trials and FDA approval.
“By establishing the new fund, we are pursuing the promise of precision medicine as one of the main drivers for healthcare transformation.” Abadir noted.
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