Blue Cross $50m health boost to Philly

Independence Blue Cross (IBC), a Philadelphia-based health insurance firm, has said that it is investing up to $50m into health-related venture capital funds and start-up firms in the region.

Around half of the funds will be invested over an estimated five to seven year period into venture funds, or alongside the City of Philadelphia, universities in the area, or venture firm and incubator manager DreamIt Health. The remainder will be invested directly into individual firms, such as start-up and spin-outs.

IBC also revealed that it has created the IBC Centre for Health Care Innovation. The Centre, part of IBC’s efforts to encourage healthcare innovation in the Philadelphia region, is a 5,000-square foot facility which will act as the home of IBC’s widening partnerships with DreamIt and the University of Pennsylvania Health System.

Daniel Hilferty, chief executive at IBC, said: “Through the IBC Center for Health Care Innovation, we are championing health care entrepreneurism in our region, and acting as a catalyst for innovations that lead to superior care at lower costs. With our region’s active investment community, experienced health care talent, world class health care systems, and strong academic institutions, we have all the ingredients to become the Silicon Valley of health care innovation.”