CVS and Walmart Are Developing Healthcare Strategies To Compete With Amazon
CVS and Walmart are further developing their strategies in the healthcare industry as they attempt to compete with Amazon, according to Business Insider.
Over the past year, Walmart and CVS have both revealed plans for new health clinics. Many retailers are feeling the heat from Amazon as consumers prefer ordering items online instead of showing up to actual stores.
"This does represent the beginning of competition at the top of the funnel. which will in the long term hurt health systems," Tom Charland, the CEO of Merchant Medicine a consulting firm that tracks retail clinics, said.
Hospitals are also being affected by competition in the healthcare strategy from retailers. Treatment is easily accessible at these clinics and waiting times are often shorter so their business has been hurting as well.
"Health systems have to be more innovative and forward-looking, or they stand to lose what they would historically, they would say is 'These are our patients, This is our community, This is where we're investing." Todd Latz, the CEO of urgent care chain GoHealth, which partners with health systems, said.
CVS and Walmart are further developing their healthcare strategies as they have recently revealed new plans for their health clinics in an attempt to compete with Amazon and traditional hospitals in the healthcare industry.