German pharma giant Bayer draws digital health startup cooperations through G4A partnerships
Since 2013, German pharma company Bayer has been supporting young startups in the digital health sector under the "G4A" label.
But now, the G4A funding programmes are being consolidated, according to a press release from the company. This will increase the possibilities of financing for health IT entrepreneurs within the framework of the G4A partnerships.
As a global life sciences company, Bayer aims to meet the challenges of a growing, ageing society and has already funded 149 digital health companies through the G4A Partnerships (formerly known as Grants4Apps).
Since the beginning of this month, Bayer has been communicating so-called business challenges. Instead of the three individual funding programmes Accelerator, Dealmaker and Generator, applicants for a G4A grant now only have to apply for a single funding opportunity by presenting proposed solutions to the Business Challenge. In addition, applicants must submit a Letter of Intent.
The financing scope of the G4A partnerships depends on the state of development of the startup in the healthcare market. A startup financing of €50,000 to €100,000 is planned and will be increased if the target is achieved through additional funds.
WHAT’S THE TREND
With its G4A funding programmes, Bayer aims to identify new technologies as well as business models and trends in the market more quickly. Among the current funding areas include AI for drug development, digital therapies, women's health, digital speech recognition, patient engagement platforms, and health IT innovations in medical specialties such as cardiology, dermatology, oncology or neurotechnology.
ON THE RECORD
"The digital health industry has grown tremendously over the years and there are now very mature startups covering the entire value chain," said Eugene Borukhovich, divisional director of Digital Health at Bayer. For these entrepreneurs, Bayer wanted to simplify the processes in order to be able to scale innovative solutions faster.
"Long-term collaboration with digital health companies sharing the same passion and vision as we do is the best way to develop new health solutions that change our experience of health," Dr Zsuzsanna Varga, Director of G4A Partnerships.
Anna Engberg is a Wiesbaden-based freelance journalist specialising in health and technology.
Healthcare IT News is a HIMSS Media publication.