Wesfarmers has made a significant move in the telehealth sector by acquiring InstantScripts for approximately $135 million. This acquisition positions Wesfarmers against its competitor Woolworths in the emerging telehealth and direct-to-consumer virtual care market in Australia. The purchase follows the release of updated telehealth guidelines by the Medical Board of Australia, signaling a shift in the healthcare landscape.
InstantScripts will be integrated into Wesfarmers Health through its subsidiary Australian Pharmaceutical Industries (API). The strategic acquisition aligns with Wesfarmers’ focus on digital health and expands its presence in the telehealth sector. This move comes after Woolworths purchased online pharmacy SuperPharmacy for $20 million, emphasizing the growing competition in the industry.
Both Wesfarmers and Woolworths are investing heavily in telehealth and direct-to-consumer virtual health services to prepare for potential competition from Amazon, which is expected to enter the Australian pharmacy and telehealth market. Wesfarmers established its health division last year after acquiring API, a move that laid the foundation for its current expansion into telehealth.
Emily Amos, the Managing Director of Wesfarmers Health, highlighted the importance of telehealth services in complementing traditional healthcare delivery. InstantScripts, known for its flexible and accessible services, operates in numerous pharmacies across Australia. Wesfarmers plans to leverage its existing pharmacy and skincare networks to enhance the growth of InstantScripts and improve clinical outcomes for patients.
InstantScripts was founded in 2018 and has emerged as a key player in the Australian telehealth space. The company offers both asynchronous and synchronous telehealth services and has a strong presence in the country’s pharmacies. The acquisition by Wesfarmers opens up opportunities for further development and expansion of digital health services for patients.
The Medical Board of Australia recently revised its telehealth guidelines to address the challenges posed by online prescribing models. The guidelines emphasize the importance of real-time consultations between doctors and patients for safe prescribing practices. The board underlines the significance of direct consultations in identifying the most suitable treatments for patients, discouraging prescribing based solely on asynchronous communications.
Dr. Anne Tonkin, Chair of the Medical Board of Australia, emphasized the role of telehealth in improving healthcare access, particularly for rural and remote patients. The board’s updated guidelines aim to ensure that prescribing practices align with good medical standards and prioritize patient safety. The guidelines address concerns regarding asynchronous prescribing and advocate for comprehensive consultations to deliver optimal care.
As the telehealth landscape evolves, Wesfarmers’ acquisition of InstantScripts reflects the growing importance of digital health services in the Australian healthcare sector. The competition between major retail players like Wesfarmers and Woolworths underscores the significance of telehealth in meeting the changing needs of patients and expanding access to healthcare services.
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