Oct 25, 2011
San Diego, CA — Gary and Mary West, co-founders of the West Wireless Health Institute, today announced the formation of a $100 million investment fund with a unique mission – to lower health care costs. The West Health Investment Fund, LLC will provide risk capital for companies with cutting-edge health care technologies and services that offer the potential to substantially lower the cost of health care.
With recent declines in investment funding in key health care sectors, the West Health Investment Fund will fill a critical gap, to spur the development and adoption of health care innovations specifically focused on making health care more affordable.
“We see a void in investment funding focused specifically on lowering the cost of health care,” said Gary West, Co-Founder. “We are launching the West Health Investment Fund to help close that gap and to provide resources to companies who we believe are going to help drive down the cost of health care for the benefit of individuals and society in general.”
Added West, “The Fund is a logical next step for us, as we work to create a vibrant ecosystem around health care innovation to lower health care costs. Since Mary and I established the West Wireless Health Institute in 2009, we have seen literally hundreds of companies focused on innovative and low cost health care solutions that cannot find funding. Without financial support for low cost health care innovation, the research we do at the Institute and the work other agencies, institutions and entrepreneurs are undertaking will have a tougher path toward becoming a reality and actually lowering health care costs for the public.”
The West Health Initiative Fund’s initial portfolio includes:
The Fund’s areas of interest include health care technologies, data analytics, technology-enabled services, cost transparency, and interoperability. These areas offer significant opportunities to transform health care delivery and lower health care costs encountered by individuals, health plans, providers and governmental programs like Medicare, Medicaid, and the Veterans’ Administration.
“Today’s announcement moves us one step closer to tangible health care solutions that will lower health costs for the benefit of the public, Health Investment Fund today and also serves as CEO of the West Wireless Health Institutesuccessful entrepreneurs and philanthropists, Gary and Mary West have created a truly unique Fund. Financial returns from the investments made will sustai deliver low cost health care more efficiently and effectively, rather than benefitting any corporation or individual.”
Gary and Mary West will not individually profit from the investments made by the West Health Investment Fund, committing returns instead to medical research. The structure also differs from a traditional investment fund, as there are no management fees, there is no carried interest, and compensation for the management team is salaried.
The West Health Investment Fund targets primarily early stage opportunities with a strong preference for pre- commercial and early commercial companies. Its preferred investment candidates will value strategic partnership in addition to investment capital.
For more information on the West Health Investment Fund, please visit www.westhealthfund.com.
The West Health Investment Fund (www.westhealthfund.com) is the first investment fund with the mission to lower health care costs for the public by providing risk capital for cutting-edge health care technologies and services. Launched by entrepreneurs and philanthropists Gary and Mary West, the Fund aims to spur an entirely new ecosystem for health care innovation that lowers health care costs.