Best Buy Health Ventures into Prescription Diabetes Medical Technology Delivery
Best Buy Health introduces prescription diabetes tech delivery, partnering with virtual care platforms for a holistic health experience.
Best Buy is set to diversify its offerings by introducing medical devices that necessitate a prescription. The company has unveiled plans to deliver glucose-monitoring machines directly to the doorsteps of customers. This strategic move was announced last week, highlighting the forthcoming Dexcom G7 Continuous Glucose Monitoring System sale. This state-of-the-art system, pivotal in diabetes management, will be available to qualifying patients via the newly launched online platform, Wellness.BestBuyHealth.com.
The prevalence of diabetes is undeniably alarming, with statistics from the Centers for Disease Control and Prevention indicating that over 10% of the U.S. populace is affected by this chronic condition. Recognising the intricate challenges faced by patients, Best Buy has forged a collaboration with the virtual care platform Wheel. This partnership ensures that clinicians from Wheel will meticulously assess patients' eligibility. Simultaneously, the pharmacy technology entity, HealthDyne, will be responsible for processing prescriptions and dispatching the devices. This innovative approach eradicates the conventional need for patients to liaise with multiple healthcare providers. Instead, Best Buy's wellness website promises to be a comprehensive hub catering to all their needs.
Frank Bedo, the esteemed senior vice president of e-commerce at Best Buy, expressed his sentiments regarding this venture. He emphasised the company's commitment to offering an expansive range of cutting-edge technology, particularly in the health and wellness sector. He passionately stated, "Offering continuous glucose monitoring systems is another exemplary testament to our dedication to providing a streamlined experience for customers. This initiative empowers them with the requisite devices to enhance their health management."
The anticipation surrounding this initiative is palpable, with projections indicating that customers will be able to place their orders by the culmination of November. Furthermore, in a bid to augment convenience, individuals with existing prescriptions will have the facility to upload them to Best Buy's wellness portal. This will facilitate the seamless dispatch of the requisite devices.
Continuous Glucose Monitors (CGMs) are revolutionary devices that have significantly transformed the realm of diabetes management. These devices, equipped with a diminutive sensor positioned beneath the skin, furnish real-time blood sugar readings, which are transmitted to a smart device. Carissa Kemp, the director of state government affairs at the American Diabetes Association (ADA), conveyed her endorsement of this technology. She articulated that the ADA fervently supports the expansion of access avenues for a vast majority of diabetes patients, especially when the utilisation of continuous glucose monitoring technology is deemed apt.
The market dynamics for continuous glucose monitoring are indeed promising. Data from Polaris Market Research reveals that this market boasted a valuation of $7.2 billion globally in 2022. Astonishingly, revenue forecasts predict an exponential surge, with estimations reaching a staggering $54.7 billion by the year 2032.