Photo courtesy of CVS Health
CVS Health and telehealth outfit Amwell have teamed up to unveil the former’s virtual primary care service, signaling the retail pharmacy chain’s next steps in building a stronger online presence.
The announcement was made during Amwell’s second quarter earnings callduring which CEO Ido Schoenberg said the telehealth platform would power CVS’s virtual care offering.
CVS Health filed for a trademark in March that would allow it to sell goods and services in the metaverse. A metaverse is a network of three-dimensional virtual worlds – sometimes described as a version of the Internet that functions as a single digital world facilitated by the use of virtual and augmented reality headsets.
The virtual care service is supposed to give consumers access to primary and on-demand care, as well as behavioral health and chronic condition management. Aetna and CVS Caremark members can use the on-demand service from their phones or other devices.
Schoenberg described the platform as “a single integrated experience with a unified digital front door.”
WHAT IS THE IMPACT
In the March filing, CVS Health said it wants to trademark its logo, create an online store and create downloadable virtual goods ranging from prescription drugs to beauty and personal care products.
CVS also wants to move some of its in-store health services to a virtual environment, such as non-emergency medical treatment services, wellness programs, nutrition counseling services and health lifestyle and nutrition counseling.
The company will create its downloadable virtual goods using blockchain technology. Digital assets and collectibles will be sold as non-fungible tokens (NFTs).
NFTs are poised to become a significant source of revenue for companies operating in the virtual realm, positioning CVS to potentially tap into a new and growing market opportunity.
The document describes an online marketplace for buyers and sellers of downloadable multimedia files containing artwork, text, audio and video related to retail consumer goods featuring a variety of consumer goods, prescription drugs, health, wellness, beauty and personal care products and general merchandise. proven by non-exchangeable arguments.
CVS also plans to sell non-virtual consumer goods through the metaverse.
THE BIGGEST TREND
The term “metaverse” has gained popularity since Facebook announced its intention to launch a metaverse, essentially offering a 3D, virtual iteration of its social media platform. Facebook went so far as to change its name to Meta, an umbrella company that owns social media platforms Facebook and Instagram.
While CVS Health plans to increase its virtual presence, it will have a smaller physical presence after announcing plans in November to closes 900 of its stores nationwide over the next three years, restructuring to provide more health care services in the remaining locations.
CVS beat industry expectations with bringing in $2.3 billion in profit in the first quarter of this year, a slight increase over the $2.2 billion profit recorded at the same time last year. The company also saw revenue increase 11.2% during that time, reaching $76.8 billion during the quarter compared to $69.1 billion in Q1 2021.
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