CVS Health recently expanded its investing efforts with the launch of the CVS Venture Fund, a $100 million vehicle to provide promising upstarts with access to CVS’ wealth of financial and strategic expertise and generous physical footprint.
While the retail and pharmacy giant had previously backed more than 20 upstarts through a partnership between CVS Pharmacy and Aetna Ventures, it was spurred to create the new fund after seeing how the pandemic changed in health care delivery, including the rise of digital pharmacies and increasing interest in at-home testing and treatment, Josh Flum, CVS’ executive vice president of enterprise strategy and digital, told STAT.
Besides the rise in virtual care, Flum said he is closely watching the proliferation of value-based care arrangements, the prioritization of more holistic forms of care that address factors including mental health, transportation, and housing, and the increasing power of the consumer to dictate their health care journey.
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