ConsenSys Health will operate globally, focused on solutions for healthcare and the life sciences in the public and private sectors
New York, NY, February 20, 2020— ConsenSys announced today it will spin off ConsenSys Health, its sub-division focused on addressing the healthcare and life sciences ecosystem. ConsenSys Health will leverage ConsenSys’ suite of core products, Codefi, Infura, and PegaSys to provide the tools, infrastructure and applications to power both private and public Ethereum solutions for industry use cases. Earlier this year, ConsenSys announced it would continue its transition to a product-focused company by spinning out internally incubated projects, such as ConsenSys Health.
As an independent entity, ConsenSys Health will tackle the industry’s most pressing issues, most notably the rising costs of research and administration, by enabling data liquidity and security, improving access to care, and engaging patients in their health. Approximately 10% of global GDP is spent on healthcare, and in the U.S. where per capita spending is highest, healthcare spending is expected to rise to 19.4% by 2027. Blockchain technology represents a critical innovation for creating a more sustainable system.
“Technology for the healthcare industry demands the foundational security, identity and efficiency that blockchain technology provides, along with unique privacy and ethical considerations that deserve singular focus,” said Joe Lubin, Founder of ConsenSys, and Co-Creator of Ethereum. “Spinning off a separate company in this area is an opportunity for us to combine the powerful technology built by ConsenSys with a team of domain leaders to solve the biggest challenges in healthcare, many of which we feel the impact of daily.”
Heather Leigh Flannery, currently Global Lead for the healthcare vertical at ConsenSys, will be Chief Executive Officer of ConsenSys Health. Ms. Flannery has spent the majority of her 25-year career building mission-driven organizations aligned by shared values: making measurable societal contributions and creating economically sustainable interventions. She serves as FY20 Co-Chair of the HIMSS Blockchain in Healthcare Task Force, chairs the IEEE SA P2418.6 Standards Development Working Group (blockchain in healthcare and life sciences), and is the Co-Founder and Board Chair of Blockchain in Healthcare Global (“BiHG”), a 501(c)6 trade association organized under the IEEE ISTO. Ms. Flannery also chairs the Healthcare Special Interest Group at the Enterprise Ethereum Alliance (EEA), and is an Associate Editor of the peer-reviewed journal, Frontiers Blockchain for Science.
“Global leaders recognize the need for change in our current healthcare system, as it lacks the access, affordability and inclusivity that patients need. The convergence of many emerging innovations, such as blockchain and machine learning, enables us to approach old problems in new ways. This opens up the possibility for improved patient and provider experiences, new business models, and ultimately, a sustainable and value-based healthcare system,” said Ms. Flannery. “At ConsenSys Health, our goal is to partner and innovate with public and private entities committed to positively transforming healthcare and life sciences.”
ConsenSys Health will build Ethereum-based solutions for the healthcare industry across cybersecurity, compliance, privacy, bioethics and identity by leveraging the deep technical capabilities of ConsenSys. The team will partner with industry leaders and launch several products previously developed within ConsenSys, starting with the U.S. market, in early 2020.