The healthcare industry has been rapidly evolving over the past few years, with the rise of digital health technology playing a major role in this transformation.
Three companies that are at the forefront of this revolution are Amazon, UnitedHealth Group (UHG), and CVS Health. These companies have been making significant investments in digital health technology, and are poised to play a major role in shaping the future of healthcare. In this article, we will explore why these three companies are the ‘big 3′ to watch in digital health.
Amazon
Amazon is best known as the world's largest online retailer, but the company has also been making significant inroads into the healthcare industry. In 2018, Amazon acquired PillPack, an online pharmacy that delivers medication to patients' homes. This acquisition allowed Amazon to enter the prescription drug market, which is worth over $500 billion annually in the United States alone.
In addition to its acquisition of PillPack, Amazon has also launched a number of other healthcare initiatives. For example, the company has developed a number of healthcare-specific skills for its Alexa voice assistant, allowing users to check their medication schedules, set reminders, and even make appointments with their doctors. Amazon has also launched Amazon Care, a virtual primary care service for its own employees, which provides video consultations with doctors and nurses, as well as medication delivery.
Amazon's foray into the healthcare industry has been driven by its belief that the industry is ripe for disruption. The company sees an opportunity to use its technology and logistics expertise to improve the delivery of healthcare services, making them more efficient, affordable, and accessible.
UnitedHealth Group
UnitedHealth Group is one of the largest healthcare companies in the world, with over 325,000 employees and revenues of over $260 billion in 2020. The company operates a number of different businesses, including UnitedHealthcare, which provides health insurance to over 45 million people in the United States.
In recent years, UnitedHealth Group has been making significant investments in digital health technology. For example, the company has developed a number of mobile apps that allow patients to track their health and wellness goals, as well as access virtual care services. UnitedHealth Group has also developed an AI-powered tool called OptumIQ, which uses data analytics to identify high-risk patients and provide targeted interventions to improve their health outcomes.
UnitedHealth Group's investment in digital health technology is driven by its belief that it can improve the quality of care while also reducing costs. The company sees an opportunity to use technology to better manage chronic conditions, such as diabetes and heart disease, which account for a significant portion of healthcare spending.
CVS Health
CVS Health is one of the largest pharmacy chains in the United States, with over 9,900 retail locations and revenues of over $268 billion in 2020. The company operates a number of different businesses, including CVS Pharmacy, which provides prescription drugs and over-the-counter medications, as well as MinuteClinic, which offers walk-in medical services.
In recent years, CVS Health has been making significant investments in digital health technology. For example, the company has developed a number of mobile apps that allow patients to refill their prescriptions, schedule appointments with MinuteClinic providers, and access virtual care services. CVS Health has also launched a number of digital health initiatives, such as HealthHUB, which provides personalized health and wellness services, as well as Aetna Connected Care, a virtual care platform for Aetna members.
CVS Health's investment in digital health technology is driven by its belief that it can improve the patient experience while also reducing costs. The company sees an opportunity to use technology to better manage chronic conditions, such as diabetes and hypertension, as well as to provide more convenient and accessible care.