Amazon looks to disrupt the competitive pharma market
With pharmaceuticals becoming a multi...
With the recent acquisition of Whole Foods, it has been reported that Amazon is looking towards the pharma market
With pharmaceuticals becoming a multi-million-dollar industry, Amazon is now looking at ways to expand its services further through developing markets. The pharma market is predicted to reach $1.12 trillion by 2022, something which Amazon would be foolhardy to ignore.
The recent news that the company has recently hired Box Healthcare Vice President and Managing Director Missy Krasner, signifies Amazon’s interest within the healthcare space, and its current investments in cloud products and services to further advance the healthcare industry.
Since May, Amazon has been selling medical products in areas such as Japan, alongside investing in new technologies such as Google Alexa, which will support patients from home. This is in addition to Amazon’s investment in drone technologies, which could drop pharmaceuticals directly to the patient’s home.
The recent acquisition of health food company Whole Foods even sent Walgreens and CVS Health stock prices falling by over three percent.
However, Amazon faces an uphill battle, with strong regulations to overcome within the industry, as well as PBMs and insurers. However, if the company is able to overcome these challenges, it is sure to grow rapidly. A strong distribution network will further see Amazon grow its market reach within ecommerce and create further competition in terms of drug pricing.
Tech companies are increasingly moving into, and undertaking significant investments in health technologies. Whilst Google has been looking at new innovative ways to provide patient-centred healthcare technologies, and even transportation company Uber has been hiring workers to collaborate with healthcare specialists in two new programmes.
NHS care homes are better than private, report finds
A new survey has found that 60% of people with parents in NHS care homes believe the quality of care has improved, compared to just 49% of respondents with parents in private care facilities.
The survey was conducted by Kepler Vision Technologies, an AI-driven company formed at the University of Amsterdam. It was carried out among UK adults with parents over the age of 75.
Respondents cited more capable care staff and better monitoring systems as being the main reasons for improvement.
However those who do not have parents in assisted living facilities had a different viewpoint - in this case only 35% of respondents believe that NHS facilities are improving, compared to 32% who believe it is only improving in the private sector.
Only 18% of people whose parents live with them or independently believe care home staff are able to look after residents to a good standard.
Kepler Vision say this difference in opinion is due to perceived budget cuts and financial pressures, with 67% of people commenting that a lack of funding has had a negative effect on care in both NHS and private care facilities.
Other key findings of the survey include:
* Out of those who say quality has declined in care homes, 69% say the NHS is dealing with budget cuts and increased financial pressure, while 65% also said that the private system is dealing with these pressures too
* 55% said that they or their parent have money saved specifically to pay for their future care
* 35% said the idea of their parent in a care home makes them feel frightened, although 32% say it makes them feel secure
* 52% are worried about their parent catching COVID
* 47% are worried about their parent being lonely
* 46% are concerned they could fall over alone
The announcement of this research follows the UK government's decision to delay presenting its social care budget till the autumn.
Commenting on the research, Dr Harro Stokman, CEO of Kepler Vision Technologies said: “While it is good to see that people recognise the importance of staff and face-to-face interaction in elderly care, the huge gap in opinion between those with parents in care and those without shows that there are unfair negative perceptions around the residential care space.
"More can and should be done by care homes to give people the confidence that their relatives will receive the very best care - by highlighting the excellent work of staff and how well they are able to monitor resident’s needs with easy-to-use technology.”