Charity and think tank Future Care Capital has teamed up with RYSE Asset Management to launch a fund investing in innovative early-stage healthcare companies.
It has already funded an in house start-up e-learning platform for unpaid carers and an NHS prescriptions management app.
Andrew Whelan is founding chairman of Future Care Capital and director of Westcott Care.
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At a time when COVID-19 has thrust the health and care sectors into adopting innovation at pace and scale, what role can investors, entrepreneurs and charities play in maintaining this momentum?
Prior to the pandemic, early stage companies innovating in health and care were often frustrated by the overly-bureaucratic and risk-averse culture of the NHS and local authorities, which forced them to take innovation elsewhere to secure the traction and investment they needed at pace.
FCC’s Andrew Whelan
COVID-19 has changed that with an unprecedented level of adoption; NHS leaders are now asking providers to keep the transformation of their services to ‘digital by default’.
Take for example GP video consultations – a relatively straightforward technological way of maintaining patient contact that sits between in-person and telephone consultations, that has been pushed for years.
The NHS’ response to COVID-19 prompted mass adoption – over 99 per cent of GP practices have procured a video consultation provider – along with virtual clinical trials and apps to control chronic conditions, such as diabetes, being trialled.
I’m the founding chairman of charity and think tank – Future Care Capital – and I believe now is the time to invest for good in health and care.
This is why we have formed a unique collaboration with investment fund manager RYSE Asset Management to raise a venture capital fund which launched last month for innovations that transform and enhance care.
It is unusual for a charity to enter into this kind of partnership, but while we remain fully independent, we recognise the value of the expertise and broader perspective this brings to our cutting edge impact work.
The RYSE FCC Fund will engage institutional and qualified investors to provide a funding lifeline for early-stage companies whose innovations can solve the challenges facing the NHS and other health and care delivery systems, ultimately transforming outcomes and enhancing quality of life and wellbeing.
Why did we do it?
Medishout: Getting the basics done fast so doctors can save lives Ash Kalraiya is founder of MediShout, a cloud-based platform that allows hospital workers to upload logistical information that is critical for urgent care through an app. The right information is then sent to the person who can solve the problem fast. ‘As a doctor-driven UK digital health company, we are proud of our ability to respond to the needs on the frontline. During the pandemic it has been critical to ensure that the needs of patients affected by conditions other than COVID-19 continue to be met. ‘The strategic support RYSE, MedCity, and the NHS Clinical Entrepreneur programme provide, mean that we can devise creative solutions we know will best meet the needs of the NHS staff and patients. ‘RYSE’s funding has transformed our innovation into a reality that benefits patients and our crucial NHS staff.’
Because there has never been a more vital moment for entrepreneurs, investors, charities, the NHS, other commissioners and policymakers to come together to reimagine health and care.
Investors investing in this way creates a virtuous circle, enabling entrepreneurs’ ideas to be spread into the wider system to benefit all.
Right now, with digital health being embraced by health and care systems on an unprecedented scale, we have a huge…
By Sarah Davidson Andrew Whelan Of Future Care Capital For This Is Money
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