• Skip to main content

DistilINFO HospitalIT

Daily News on US Hospital IT Industry.

  • Publications
    • Home
    • DistilINFO HealthPlan
    • DistilINFO HospitalIT
    • DistilINFO IT
    • DistilINFO Retail
    • DistilINFO POPHealth
    • DistilINFO Ageing
    • DistilINFO Life Sciences
    • DistilINFO GovHealth
    • DistilINFO EHS
    • DistilINFO HealthIndia
    • Subscribe
    • Submit Article
    • Advertise
    • Newsletters

Teledoc, American Well Drop on Report of Amazon Health Expansion

Share:

December 18, 2020

Shares of Teladoc Health (TDOC) – Get Report dropped Wednesday as telehealth stocks fell following news that Amazon.com’s (AMZN) – Get Report health services ambitions were larger than previously thought.

Teladoc shares fell 5.3% to $185.71 and American Well (AMWL) – Get Report declined 7.6% to $27.91. Online prescription drug mail-order company GoodRx (GDRX) – Get Report fell 5.7% to $40.58.

The declines came following a report that said Amazon plans to offer primary care options to large employers through a mobile app that provides both in-person and online doctor visits as an extension of its Amazon Care business.

Amazon Care currently only is available to the company’s own employees in pilot mode. Business Insider’s report of its expansion plans sent telehealth stocks tumbling Wednesday.

Want to publish your own articles on DistilINFO Publications?

Send us an email, we will get in touch with you.

Competition from Amazon “could further pressure the competitive landscape of the telehealth industry,” Stephen’s analyst Scott Schoenhause wrote in a note, according to Bloomberg. “We are becoming increasingly worried about competition in the space.”

Coronavirus Market Update: Sign up for TheStreet’s Coronavirus Market Update newsletter and get the latest market headlines delivered to your inbox daily.

Last month, Amazon launched Amazon Pharmacy, a full-service digital pharmacy that lets Amazon Prime members order and fill their prescriptions online and have them delivered directly to their front doors.

Shoppers can pay using their health insurance. Prime members who don’t use their insurance are eligible for discounts on generic and brand-name drugs on Amazon’s site or at about 50,000 participating pharmacies, Amazon said.

Amazon officially moved into the U.S. drug space in 2018 when it acquired PillPack, and has been dabbling in introducing prescription medications to its marketplace in Japan with the support of local partners.

Amazon in January filed to trademark “Amazon Pharmacy” in Canada, according to the Canadian Intellectual Property Office website, signaling a potential move into selling prescription drugs outside the U.S. Similar trademark filings have also been made in the U.K. and Australia.

Source: The Street

Coffee with DistilINFO's Morning Updates...

Sign up for DistilINFO e-Newsletters.

Just a little bit more about you...
PROCEED
Choose Lists
BACK

Related Stories

  • CA Behavioral Health Nonprofit Will Launch Cerner EHR SystemCA Behavioral Health Nonprofit Will Launch Cerner EHR System
  • 3 Recent Health IT Exec Moves3 Recent Health IT Exec Moves
  • More Info Needed to Promote Patient Access to Care Via TelehealthMore Info Needed to Promote Patient Access to Care Via Telehealth
  • Healthcare Providers Must all Become Digital CompaniesHealthcare Providers Must all Become Digital Companies
  • Health IT to play critical role in payment reform initiativeHealth IT to play critical role in payment reform initiative
  • Hatch probes rising cost of health laws subsidies
  • Henry Schein Now Accepting Applications For The Third Annual Henry Schein Cares MedalHenry Schein Now Accepting Applications For The Third Annual Henry Schein Cares Medal
  • Epic Systems Tops Cerner as Top-Used Physician EHR VendorEpic Systems Tops Cerner as Top-Used Physician EHR Vendor

Trending This Week

Sorry. No data so far.

About Us

DistilINFO is media company that publishes Industry news, views and Interviews. We distil the information for you – saving time and keeping you up to date on your interest areas.

More About Us

Follow Us


Useful Links

  • Subscribe
  • Contact
  • Advertise
  • Privacy Policy
  • Terms of Service
  • Feedback

All Publications

  • DistilINFO HealthPlan Advisory
  • DistilINFO HospitalIT Advisory
  • DistilINFO IT Advisory
  • DistilINFO Retail Advisory
  • DistilINFO POPHealth Advisory
  • DistilINFO Ageing Advisory
  • DistilINFO Life Sciences Advisory
  • DistilINFO GovHealth Advisory
  • DistilINFO EHS Advisory
  • DistilINFO HealthIndia Advisory

© DistilINFO Publications