The Metaverse could soon have its own pharmacy after CVS revealed its plans to sell virtual goods and provide healthcare services in the virtual world. As CNBC reported on March 4, the pharmacy giant filed a trademark with the U.S. Patent Trade Office for its logo and plans to open an online store. CVS will offer downloadable virtual products including “prescription drugs, health, wellness, beauty and personal care products.” The company also wants to bring some of the health services it offers in stores to a virtual setting, such as “non-emergency medical treatments services, wellness programs, advisory services related to nutrition, health lifestyle and nutrition services… and counseling.” Meanwhile, telehealth companies Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF), Teladoc Health (NYSE:TDOC), Goodrx Holdings Inc (NASDAQ: GDRX), Medtronic plc (NYSE:MDT), and American Well Corp (NYSE:AMWL) are creating digital products and services with an aim to disrupt the $1 trillion global pharmacy market.
Canada’s on-demand virtual pharmacy Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF) provides healthcare technology that offers virtual access with exceptional care.
Mednow continues to expand within Canada, with operations in British Columbia, Ontario and Nova Scotia as well as final approval for a new flagship fulfillment center in Toronto. The company plans to launch its Manitoba and Quebec fulfillment centres in April 2022 and its Alberta fulfillment center summer 2022.
On March 7, Mednow announced it has entered a deal to acquire Mednow East, an online pharmacy delivering prescriptions in the Province of Ontario. Based in Toronto, Mednow East uses the Mednow marketing and technology platform for lead generation, prescription fulfillment and customer service pursuant to the Pharmacy Agreement. This acquisition may help Mednow in its mission to build a national pharmacy footprint.
Mednow had a strong first quarter with a 50% increase in patient numbers to 20,000 patients. The company also reported revenue growth of 375% or C$570,000 compared to a fourth quarter revenue of C$120,000.
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Telehealth Companies Launch New Digital Tools
Teladoc Health (NYSE:TDOC), the global leader in whole-person virtual care, and Amazon have teamed up to launch Teladoc on Alexa. The launch of voice-activated general medical virtual care on supported Echo devices, such as an Echo, an Echo Dot, and an Echo Show with Amazon Alexa is a first-of-its-kind experience. Customers in the United States are now be able to connect with a Teladoc care provider 24/7 from supported Echo devices for general medical needs. Teladoc on Alexa will initially launch via audio with video tours coming soon.
Goodrx Holdings Inc (NASDAQ: GDRX) a consumer-focused digital healthcare platform, has entered into a definitive agreement to acquire vitaCare Prescription Services from TherapeuticsMD for $150 million in cash, with additional consideration of $7 million based on vitaCare’s financial performance through 2023.VitaCare is a technology platform that helps patients overcome obstacles to accessing and adhering to brand name medications. This acquisition may allow GoodRx to help more patients receive their prescriptions in an efficient, affordable and transparent way, and to follow their prescribed treatments for as long as necessary.
On March 9, Medtronic plc (NYSE:MDT) a global healthcare technology leader, announced it has signed a contract with Vizient, a leading U.S. healthcare performance improvement company, to add Touch Surgery™ Enterprise to Vizient’s offerings. Vizient serves more than half of the nation’s healthcare providers including academic medical centers, community hospitals, pediatric facilities and non-acute care providers. Touch Surgery is the first AI-powered video management and analytics platform for the OR. It gives surgical teams easy access to video and procedural information.
Telehealth leader American Well Corp (NYSE:AMWL) and global innovator LG Electronics have joined forces to partner on digital health innovations. With a common goal of improving patient care, this technology collaboration will focus on developing new digital healthcare services and solutions, starting with hospital care in the United States, where LG is the leading provider of smart TVs for patient rooms. LG will develop a healthcare platform to host Amwell‘s digital healthcare platform services, leveraging LG devices and peripheral technologies.
Amwell‘s SilverCloud Health has launched a new six course program suite to address a wide range of family mental health issues. The suite offers programs, content, interactive tools and videos aimed at addressing family mental health, in direct response to the needs of the COVID-19 pandemic and recent world events. The programs are delivered digitally, which also helps improve access to care for those in need.
Mednow Inc. (TSXV:MNOW) (OTCQB:MDNWF) has grown its product offerings since its March 2021 initial public offering (IPO), primarily through its acquisition of strategic pharmacy and healthcare businesses. The company wants to be an industry leader as the world embraces digital pharmacy. Mednow aims to accelerate growth by expanding its brand within Canada through the planned launch of fulfillment centers in Quebec, Manitoba, and Alberta this year.
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