Amazon signals its move further into pharma with new role
Amazon is set to hire an expert to sift through the complexity of health and safety regulations and compliancy, CNBC has reported. Known as HIPAA (Health Insurance Portability and Accountability Act) established in 1996, the move signals the company’s increased move to enter the pharmaceutical sector.
The role also highlights Amazon’s decision to gain the ability to share protected health information (PHI) with healthcare companies, whilst ensuring essential information governance measures are in place.
The company has highlighted that the successful candidate will be part of a ‘new initiative,’ where they “will work alongside product managers, software developers, bizdev and legal teams to ensure that all services are in compliance with HIPAA security and privacy requirements.”
The role will include the development of a new compliance program, where the candidate where also be responsible for the development, training and auditing of current processes.
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Since last year, Amazon has been ramping up its healthcare drive, receiving regulatory approval to undertake operations as a pharmacy wholesale distributor in over 10 US states back in October. This sent pharmacy shares down by 13%, highlighting how much of a threat Amazon’s move into the market could be for the industry’s major players. It has also now obtained the domain AmazonRx, Wells Fargo previously reported.
At present, Amazon currently sells medical devices but could look to rival US based Walgreens or Target, which saw its pharmaceutical division bought by CVS Health. Its Seattle based health-care team, named 1492, has been shrouded in mystery.
However, the lab could be behind a number of new innovative products this year, following on from the launch of Alexa and develop new services to not only support patients within the consumer healthcare market, but help drive down escalating patient costs.