Lewis & Clark Ventures‘ healthcare innovation fund has secured a $25 million funding commitment from Express Scripts. The fund will back early-stage innovation that provide “smarter” pharmacy solutions for patients.
ST. LOUIS–(BUSINESS WIRE)–Lewis & Clark Ventures, a Midwest venture capital firm, announced today a $25 million multi-year commitment from Express Scripts to help source and support early stage innovation and supplement the company’s ongoing efforts to innovate smarter pharmacy solutions that deliver better outcomes for patients.
This capital will specifically target new technologies and companies that have the potential to provide Express Scripts with early access to the next big ideas in healthcare.
“Innovation drives our industry-leading suite of cost-saving, clinically-based solutions that deliver quality, cost-effective pharmacy care to tens of millions of people,” said Dr. Glen Stettin, Senior Vice President and Chief Innovation Officer, Express Scripts. “We continually scout for technology, ideas and people that are changing healthcare, and we believe that our investment with Lewis & Clark Ventures will further accelerate innovation across the Midwest, especially here in St. Louis.”
The mission of the Lewis & Clark Ventures fund is to deploy growth capital of $3 to $7 million into companies that are generating revenue. The fund seeks companies serving markets such as financial, healthcare, business enterprise solutions and agriculture, and is focused on software, devices and life sciences.
“We believe there are gifted entrepreneurs and high-potential investment opportunities between the coasts waiting to be discovered, and we are here to solve their capital needs and allow them to scale their businesses,” said Brian Hopcraft, managing director, Lewis & Clark Ventures. “Our partnership with Express Scripts further strengthens our network, and may also be an invaluable resource and catalyst for growth for our healthcare portfolio companies.”
Lewis & Clark Ventures is particularly interested in companies that demonstrate disruptive innovation and introduce those ideas to the market. These healthcare investments will likely target healthcare IT and solutions that have the ability to increase prescription drug adherence, support personalized and accountable care, offer connectivity for patients and improve public health.
About Lewis & Clark Ventures
Lewis & Clark Ventures, a newly formed venture fund in St Louis founded by Tom Hillman, helps high potential innovators throughout the Midwest to build great companies by guiding them through their business expansion and by providing series A and B round venture capital. For more information, visit http://lewisandclarkventures.com.
About Express Scripts
Express Scripts puts medicine within reach of tens of millions of people by aligning with plan sponsors, taking bold action and delivering patient-centered care to make better health more affordable and accessible.
Headquartered in St. Louis, Express Scripts provides integrated pharmacy benefit management services, including network-pharmacy claims processing, home delivery pharmacy care, specialty pharmacy care, specialty benefit management, benefit-design consultation, drug utilization review, formulary management, and medical and drug data analysis services. Express Scripts also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services.
For more information about Express Scripts, visit Lab.Express-Scripts.com or follow @ExpressScripts on Twitter.