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One Medical stock price rockets by 70% following Amazon’s announcement of £3.5bn buyout 

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Shares of One Medical have rocketed as high as $17.25 (£14.40) after the news broke yesterday that Amazon will buy the company for $3.9b 

Retail giant Amazon will acquire primary care organisation One Medical for $18 per share in an all-cash transaction, as it takes another huge and concrete shift into healthcare. 

Amazon already runs Amazon Care, a platform similar to One Medical that connects users to Amazon-affiliated medical professionals.

In 2018, it acquired PillPack, an online pharmacy.Amazon closed a $13.7bn deal to buy Whole Foods in 2017 and a $8.5bn purchase of Hollywood studio MGM which was finalised earlier in 2022. But the most recent purchase is probably one of its most significant, and controversial, acquisitions so far. 

Amazon Health Services SVP Neil Lindsay said healthcare is “high on the list” of experiences that need “reinvention”.  

He added: “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy—we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days.

“We love inventing to make what should be easy easier and we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years.

“Together with One Medical’s human-centered and technology-powered approach to healthcare, we believe we can and will help more people get better care, when and how they need it. We look forward to delivering on that long-term mission.”

Concerns over privacy 

Chief Economist Corey Quinn raised concerns on Twitter, and said the deal will be “bad news.” He added: ““I am less than pleased to learn that Amazon is acquiring my doctor. Time to figure out how to delete my medical records.”

Writer and editor in chief of Best Life Louis Peitzman also raised his concerns. He posted: “Yet another reason to cancel this overpriced service, which was helpful during the early days of the pandemic but has become increasingly unusable”

 

 

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What will the purchase mean for healthcare? Email [email protected]

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  3. Pingback: Why is Amazon Care shutting down at the end of 2022?

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