Wayra has partnered with global pharmaceutical giant MSD to launch the Velocity Health startup accelerator dedicated to using digital to offer preventative healthcare solutions.
Up to £64,000 – half in investment, half in support services – will be given to startups working in two key areas: reimagining healthcare beyond the 21st century, and addressing the challenges outlined in the NHS Five Year Forward1 View.
Chosen startups will work out of Wayra in London and have access to its network of mentors, along with the potential to access its 300m customers, along with the resources of MSD.
The programme highlights significant cuts to NHS funding, an estimated £30bn by 2020/21, and that today just 4% of its budget is spent on preventing illness.
“We know that to make a real impact, we need to have a long term vision and look ahead to the next century of delivering innovative healthcare solutions,” said Gary Stewart, director at Wayra Open Future, UK.
“Through Velocity Health, we want to empower patients to take more control and ownership over their wellbeing and believe emerging digital technologies have a vital part to play in achieving this goal.”
The programme is now open for applications from digital startups working in preventative health and closes on 9 November.
The accelerator will not take equity but MSD, one of the largest pharmaceutical companies in the world, may be offered first negotiation on commercialising products that come out of the programme.