Amazon Enters Pharmacy Business
In light of the fact that Amazon is entering the pharmacy business, CVS is considering an acquisition of Aetna. Because Amazon owns Whole Foods, the potential competition for CVS could be very intense. CVS is seeing the acquisition of Aetna as being a play to ward off competition in the healthcare business. Both Amazon and CVS want to own the experience that patients have, so owning the consumer’s experience is a huge competitive advantage that CVS would have.
Health Care in US a $3 Trillion Industry
In the U.S., health care is a $3 Trillion industry with the U.S. spending more per capita than any other country. Unfortunately, many entrepreneurs aren’t willing to start healthcare and health tech companies. The reason why so many entrepreneurs are afraid of healthcare is because of regulation and incentives that don’t necessarily favor entrepreneurs.
President Obama Hires CTO To Change Culture of Healthcare
President Obama hired a CTO whom helped to change the culture of the healthcare industry. The CTO created new innovation initiatives to promote entrepreneurship, such as an online challenge creation system for inviting private sector innovators to solve problems.
Opportunities Abound To Solve Problems For Health Industry
There are also plenty of other opportunities to solve issues that are creating problems for the healthcare industry. Everything from end of life care to medication management has potential for disruption. There are also challenges with insurance reimbursement and logistics that serve as hurdles to the efficient delivery of healthcare.
Drew Madden Experienced Health Care Leader and Executive
Drew Madden is a proven healthcare executive with experience in IT. His background includes time spent at some of the largest health IT companies in the world. His career began at Cerner corporation, a company which produces an EHR platform. This was followed by Ingenix, a subsidiary of United Health Care. Finally, he spent 5 years at Nordic Consulting Partners, a company that he grew from 10 to 725 employees.