Drew Madden Reveals Healthcare May Be Changing With Amazon
Venture Beat recently published an article by Stephen Kraus titled, “CVS and Amazon Battle to Own the Health Care Consumer”. The article reveals the recent ploy of CVS to purchase Aetna, a health insurance titan. It also reveals that Amazon lately obtained pharmaceutical licenses in a variety of different states across the U.S. The license focuses on healthcare equipment, not necessarily the ability to distribute medications, but that is the direction that Amazon is moving towards.
Many investors believe this indicates that Amazon is attempting to expand their retail market after buying Whole Foods, and move into the pharmaceutical sales market. This is forcing others in the space like pharmacy benefit managers and CVS to step up their game against the Amazon competition threat.
These companies are seeking to expand their platform by offering pharmaceuticals. Amazon has become known as the store where the consumer can by anything, adding prescription medications would only expand on that idea. CVS is also a large healthcare and retail facility. Adding insurance, pharmaceuticals and care would create a more holistic approach to the health services already available at CVS.
By doing so, CVS would own pieces of the entire healthcare cycle. By providing insurance, to pharmaceuticals, to actual care through their MinuteClinic operations, CVS would gain a competitive edge against the retail giant Amazon. It is also a fast way to make healthcare more consumer oriented. It would bring the different variables of healthcare under a single company, creating a customer centric experience, echoing Amazon’s own customer centric buying experience. By making the technology and services focused on the consumer, each patient can have greater control over their decisions.
Drew Madden has worked in Healthcare Information and Technology since 2010. He worked for Nordic Consulting Partners and was promoted to president from 2011-2016. It is a large Epic consulting company that has won a variety of awards for excellence. It is also the top ranking company for Epic integration.
As president, Drew Madden helped grow Nordic Consulting from a small 10 person firm to more than 725 employees with more than 150 clients. Under his leadership, it grew from one million in annual revenue to $130 million.