Pharmacy giant CVS Health taps into virtual care’s potential
CVS Health is the second-largest healthcare company in the world, with a $141B market cap. The company’s main assets include pharmacies, walk-in medical clinics, a pharmacy benefit manager, and a health insurance company.
Over the past few years, CVS Health has forged dozens of strategic partnerships, invested in numerous startups, and made a handful of acquisitions.
The company also has launched CVS Health Ventures, a $100M venture fund targeting early-stage health technology companies.
Most notable among the retailer’s digital priorities?
Virtual care, including telehealth.
CVS Health has made inroads into virtual care with its retail medical clinic MinuteClinic, which offers telehealth to the general public.
To round out its virtual services, CVS Health is partnering with players in the telehealth space. For example, in 2021, CVS Health’s Aetna announced the launch of a nationwide virtual primary care solution backed by Teladoc.
In the same year, CVS invested in a $118M Series C round for Workit Health, a virtual care clinic offering treatment for substance use, mental health, and co-occurring disorders.
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