Glaxo, Qualcomm reportedly mulling med tech joint venture
- GlaxoSmithKline (GSK) and Qualcomm are in preliminary talks regarding the possibility of creating a joint venture to develop new medical technologies. The partnership could be worth up to $1 billion, according to the Financial Times.
- Qualcomm already has a partnership with Novartis focused on improving aggregation of clinical trial data.
- Several pharma companies have teamed up with digital tech companies recently, as the industry seeks ways to transform the healthcare sector. Examples include partnerships between Samsung and Medtronic, and between Google and Sanofi.
According to a report from Bain & Company, "US venture investment in digital healthcare quadrupled over the past four years, reaching more than $5 billion in 2014." Much of this has involved joint ventures, much like the one currently being discussed by GSK and Qualcomm.
As discussed in one of BioPharma Dive's latest features, the biopharma industry is on a quest to create an integrated digital strategy, leveraging the power of big data. Partnering with established digital tech companies will accelerate this process.
GSK has already advanced to hiring lawyers to negotiate terms, according to the Financial Times report.