Physicians Interactive, which offers the popular professional medical app Skyscape, announced this week that Merck will invest up to $17 million in the company via its Global Health Innovation Fund (GHIF). Initially, the financing includes $8.5 million, but depending on whether the company meets certain milestones, Merck’s GHIF could bump the investment up another $8.5 million for a total of $17 million.
The funds will be used to grow “four key products” as well as other initiatives. Among the company’s key products and initiatives is the Skyscape app itself and a recently launched mobile advertising network, Tomorrow Networks.
Skyscape is a mobile medical content publisher whose main app offering, Skyscape Medical Resources, is a clinical decision support tool similar to Epocrates. Physicians Interactive, a digital marketing firm that targets doctors and other health workers via a number of mobile and web-based services, bought Skyscape in 2009. It now accounts for about 90 percent of its Healthcare Professionals Division. (MobiHealthNews’ own Neil Versel spoke to Healthcare Professional Division president Brett Miller last year about Skyscape’s storied 12 year history in the mobile healthcare space).
Last year, the company partnered with Remedy Systems to launch a mobile advertising network, Tomorrow Networks, that serves ads specifically targeted to healthcare providers. The network is also testing health-related ads targeting consumers. The network places ads in smartphone medical apps — it launched with some 54 different apps already onboard.
“This investment will allow us to further expand our internal product development and customer solutions, as well as explore new markets and additional customer segments,” stated Donato Tramuto, CEO and vice chairman of Physicians Interactive Holdings, in a press release.
As part of the deal, Merck’s Global Health Innovation Fund will appoint one of its executives to join Physicians Interactive’s board.
Read the press release below. Keep reading>>