Following in the footsteps of Costco, CVS, and Amazon.com, Best Buy is getting into the medical and healthcare market.
The company announced on Oct. 9 that it would start marketing a continuous glucose monitoring (CGM) system called Dexcom G7 CGM to its customers. The effort is the big box chain’s first-ever venture into the prescription drug market.
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For now, the marketing campaign is operating online only, with Best Buy customers able to purchase the glucose tracking system on a new digital sales platform called Wellness.BestBuyHealth.com. The company also announced a new partnership with Wheel, a customer-centric virtual healthcare platform, and with pharmacy healthcare provider HealthDyne.
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Consumers can find Dexcom G7 on BestBuy.com, where they’ll be steered to the new Wellness.BestBuyHealth.com website to determine eligibility for the purchase. Customers can also visit the new Best Buy website directly.
Once approved, the prescription is sent to HealthDyne for processing and the glucose monitoring device will be shipped directly to the customer’s residence.
While not available right away, the product may be purchased with an existing prescription from their doctor.
An Oct. 9 statement indicated the physician-to-patient front-door sales process will kick off “soon." The company also said that while it currently isn’t accepting insurance payments, Best Buy consumers with HSA, FSA, or HRA funds can expect their purchases to be reimbursed.
The U.S. Centers for Disease Control states that from 2001 to 202, diabetes prevalence “significantly increased among U.S. adults 18 years or older.”
All told, 37.3 million Americans have diabetes — that’s 11.3% of the US population; 28.7 million people have been diagnosed with diabetes; and 8.5 million people who have diabetes have not been diagnosed and do not know they have it.
“With the demand for CGM growing over the past few years, using devices like Dexcom G7 means no fingersticks, real-time glucose monitoring, and the ability to make smarter decisions about controlling diabetes” Best Buy states.
The company is hardly alone.
In late September, Costco announced it would offer $29 primary care visits while Amazon, with its Amazon Pharmacy and Amazon Clinic, is also taking significant steps to break into the consumer healthcare marketplace. Walmart also plans to open 75 of its so-called “supercenter” locations that physician visits, x-rays, and dental services, among other healthcare options.
Best Buy stock is trading at $69.78 as of October 9, 2023. BBY Shares are down -13.00% on a year-to-date basis.
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