Denmark-based LEO Pharma, a well-established pharmaceutical company with a centered focus on skin care conditions, has announced a $65 million international initiative to take its already successful operation and put an effort into “beyond the pill” solutions.
They have now established a separate unit, the LEO Innovation Lab, which will be building and testing applications, wearables and digital platforms with a specific focus on people living with psoriasis. Some of the areas they are looking to address (which medication-only treatment overlooks) are diet, as well as mental health and social well-being.
The Innovation Lab is looking to collaborate with other partners in their hub cities, which are London, Copenhagen, Paris and Toronto. As the company stated in a release, it is willing to invest and give grants to startups that it believes will set the agenda for the future of healthcare in this area.
Catalina Cernica, Head of Innovation Lab UK said in a statement:
“With LEO Innovation Lab, the company is doubling down on innovating in beyond the pill products and services. We’re a separate unit with an agile approach and the mindset of a lean startup. We can build and iterate solutions at speed unimaginable until now. The development cycle for each minimum viable product is limited to 100 days, which will include design, prototype and feedback from the people using them. As far as we know this is the fastest development cycle of any pharma company in the world.”
Photo: Screenshot via LEO Pharma