Merck’s former chief executive officer and current executive chairman, Kenneth Frazier, has stepped down from his post at the pharmaceutical company to join venture capital firm General Catalyst as its newest chairman of health assurance initiatives.
Merck’s former chief executive officer and current executive chairman, Kenneth Frazier, has stepped down from his post at the pharmaceutical company to join venture capital firm General Catalyst as its newest chairman of health assurance initiatives.
Frazier has spent 10 years as the CEO of Merck. During that time, Frazier led Merck in the development of several novel vaccines and treatments while making unique breakthroughs in immuno-oncology, among other therapeutic areas. The former Merck exec also placed emphasis on the company’s discovery and translational medicine capabilities through the creation of research centers in Cambridge, Mass., as well as South San Francisco, Calif. and London, UK.
In his new role at General Catalyst, Frazier takes on the responsibility for developing partnerships between healthcare organizations and industry. Frazier will also work in his new role to push for health equity within companies backed by General Catalyst while working toward initiatives to reduce care costs.
“I couldn’t be more excited to join GC at this unique time of healthcare transformation,” said Frazier in a statement. “I have always believed in investing with purpose and GC is a firm that understands and embraces its responsibility to create meaningful outcomes for people everywhere. I am thrilled to be in a position to help bring that purpose to life at a time when people are acutely aware of the need for better, more affordable, and accessible care.”
General Catalyst notes the move is the most recent in a series of steps the firm has taken to increase focus “on its Health Assurance thesis, which is seeking to create a more equitable, more affordable and more effective healthcare system that better serves all constituencies.”
The venture capital fund unveiled its $600 million Health Assurance fund back in April. General Catalyst said in a statement the fund will “will continue to create and invest in high impact, high return companies committed to delivering the promise of Health Assurance” while continuing to favor partnerships over disruption.
The firm’s managing partner and architect of the firm’s Health Assurance thesis, Hemant Taneja, said Frazier is a “a proven operator in the pharmaceutical space, which is a critical constituency for” General Catalyst. “He also is an established healthcare leader who shares our passion for creating a fairer, more equitable and effective healthcare ecosystem and society,” added Taneja.
In May, Frazier was named CEO of the Year by Chief Executive magazine for his leadership at Merck. Ken Chenault, the firm’s chairman and managing director, added Frazier’s “values-based, purpose-driven” leadership capabilities make him “one of the best CEOs of his generation.”
The arrival of Frazier to General Catalyst’s team marks just one recent notable addition to the firm’s growing executive bench. Most recently, General Catalyst hired three new executives in residence in the healthcare sector, including: Jennifer Schneider, M.D, the former president of Livongo Health; Margo Georgiadis, the former president and CEO of Ancestry.com; and Robin Washington, former executive vice president and chief financial officer of Gilead Sciences.
