Blockchain will Soon Power Healthcare Records and Amazon Wants In
CVS buying Aetna for $69B signals tech companies like Amazon and Apple will get into Healthcare in 2018.
Like it or not, in 2018 Amazon will come to healthcare. CVS’s growing empire means essentially a combo of the nation’s biggest drug-store chain with one of its biggest health insurers. It allows CVS to more easily use almost 10,000 stores to provide primary care and basic procedures.
This makes it imperative Amazon roll out its 1492 and related Health Records solution and on-demand pharma services.
CVS is already one of the biggest drug-benefits managers and its Aetna merger could possibly insulate these companies against expected incursions into the drug sales market by Amazon evidently.
In 2018 Tech Companies will Enter Healthcare Services
While the merger could reshape the American health care system as we know it, Amazon and Apple’s entry into healthcare services in a more aggressive way is inevitable, and thus finally the advent of unified medical records on the blockchain.
In 2018, Amazon will enter the health care industry via prescription drugs, but that will only be the beginning. Amazon customer-centric ecosystem could use AI to optimize both healthcare services, prescription drug delivery and a wide range of health services via Alexa Skills and Amazon 1492. Amazon 1492 is its healthtech division, with solutions related to a platform for electronic medical record data, telemedicine and health apps for existing devices like the Amazon Echo.
As logistics, transportation and retail are increasingly being automated, healthcare will be a significant new frontier for major tech companies and leaders in AI. The CSV merger is also relevant because it consolidates a new type of company — health insurer + retail pharmacy + drug price negotiation + drugmakers that are pharmacy benefits mangers. It’s the biggest merger to occur in the US in 2017, and Amazon will take notice, as its a direct competitor in its future turf.
So you’re asking, what does this have to do with the blockchain? If Wall Street’s biggest institutions are obsessed with blockchain, you can imagine Amazon has been working on it as well, and I don’t mean AWS offering blockchain as a service, I mean blockchain specifically related to optimizing healthcare medical records that are ubiquitous.
If Amazon’s brand has high trust due to being customer-centric, what will that look like in Health care services? It will be patient-centric, and that’s where blockchain comes in.
Blockchain essentially unifies records simultaneously, speeding things up and also ensuring that everyone has the same information at the same time. (Source: Business Insider)
In the smart contract era of Healthcare optimized by artificial intelligence and Alexa skills in the home, Amazon will likely be a leader. Healthcare isn’t just a huge opportunity for Amazon who likes big bets, it’s simply too big to ignore. Amazon can do a lot more than streamline EHRs and consolidate a data-centric approach to care, telemedicine, drug prescriptions and appointment management.
The key for Amazon with blockchain would be to provide a universal medical records system tethered to a user’s Amazon Prime account whereby not only is record keeping in healthcare vastly improved, it’s giving doctors, insurance companies and hospitals access to the streams of health data — that’s up to date info at all times, secure and fast on the blockchain.
Amazon entering the health care sector via the $560 billion prescription drug market makes sense and would almost certainly involve blockchain tech. Creating convenience and patient centricity would mean Amazon could increasingly get into HealthTech and biotech, which are going to be lucrative sectors of smart data-based healthcare moving forwards.
Since blockchain operates on a distributed ledger based on consensus, the sensitive medical health data of patients would be secure and in full control of the patient, and that’s important to create trust and opt-in as tech companies increasingly become implicated from everything to our health insurance, accessibility to care, to our banking needs and related financial services. It’s widely believed blockchain could eliminate friction and reduce costs associated with climbing costs of healthcare as the population is aging.
Amazon is the tech company best positioned and most able to pivot into a sector that’s known for regulatory complexity. Amazon’s speed, delivery, convenience and emphasis on AI means it’s well placed to disrupt the current system, with competitive low price, its usual fast delivery, and its massive network of shoppers that trust Amazon’s ecosystem that’s essentially specialized in customer retention. We can therefore expect Amazon to make headway into healthcare that is potentially disruptive as early as 2018.
Correct me if I’m wrong?