Amazon is always looking for new and innovative ways in which it can achieve growth in all aspects. Over the last few years, Amazon has made tremendous growth by giving diversified services. Amazon entered the healthcare market with Google and Apple, and has been giving them a tough fight since then. Recent step of Amazon’s healthcare was purchasing the online pharmacy PillPack for $753 million that will sort medication for patients and put them into individual packets, also it assists with refills and delivers the medication every month, right to a patient’s door. Amazon is expanding beyond medications, as it introduced Transcribe Medical at an Amazon Web Services (AWS) conference earlier this month, which could change how patients communicate with their physicians.
Transcribe Medical can translate discussions between patients and doctors into written text automatically and instantly, and then save it in an electronic medical record. Using AWS, developers can use an application program interface (API) to access and incorporate medical information into their applications. Transcribe Medical is presently available to AWS customers and provides consumers with a pay-as-you-go price model depending as to how much audio is transcribed over the course of a month. The critical question is whether Amazon can make patients feel comfortable storing their confidential medical details online. Despite breaches becoming increasingly common, although Amazon itself has not been involved in any high-profile breaches, concerns about privacy are on the climb, and this could prove to be the greatest obstacle to the success of Transcribe Medical. But, Amazon confirmed that Transcribe Medical is eligible with the Health Insurance Portability and Accountability Act (HIPAA).
Nonetheless, Amazon says current AWS customers, including healthcare tech company Cerner, which is one of the early users of Transcribe Medical, have significant demand for the service. Cerner also assisted with the development of the software.
Transcribe Medical will not, at least not yet, revolutionize the way patients and doctors communicate. The key takeaway for investors is that Amazon is concentrating more on health care and using its resources to add value in this field.
Ultimately, moving further into health care is a good move for Amazon as it aims to diversify the products and services of the company. Through entering the grocery business and growing into healthcare, Amazon is improving its products in two sectors that can provide the company with a lot of long-term stability and many opportunities for growth, particularly in terms of technological advances and automation.