In a significant move towards diversification, Best Buy, the renowned electronics retailer, is set to make its foray into the healthcare sector by offering prescription medical devices. The company's latest venture will see the introduction of continuous glucose monitors (CGMs) in its product lineup, with the Dexcom G7 CGM taking the spotlight at launch. Best Buy intends to expand its offerings by including CGM systems from various manufacturers in the near future.
To facilitate this initiative, Best Buy has teamed up with Wheel, a prominent virtual care platform. Wheel will be responsible for evaluating patients and issuing the necessary prescriptions for CGM buyers. Once prescriptions are obtained, HealthDyne will take charge of processing orders and subsequently dispatching the CGMs directly to customers' homes through Best Buy's website.
This strategic move not only aligns with Best Buy's vision to become a vital partner for hospitals and health insurance providers but also reinforces its commitment to empowering individuals to manage their healthcare from the comfort of their homes. While the company has been providing medical gadgets for home use for some time now, this announcement marks its initial step into the realm of physician-approved devices.
According to the Centers for Disease Control and Prevention (CDC), an estimated 37.3 million Americans are living with diabetes. Of these, around 10 million individuals rely on insulin. potentially benefiting from CGM technology. CGMs play a crucial role in real-time monitoring of blood glucose levels, significantly reducing the risks associated with hypo- or hyperglycemia.
Affordability has been a significant barrier for many seeking access to CGMs. The American Diabetes Association has highlighted cost as a major obstacle. Typically, CGMs can incur expenses of several thousand dollars annually. However, Best Buy is set to disrupt this landscape by offering 30-day supplies of Dexcom G7 sensors at an astonishingly low price of $179.99. Although the company has not yet announced whether it will accept insurance, a GoodRx coupon makes Dexcom G7s available for $180 or less without insurance. For those with insurance, Amazon Pharmacy offers the Dexcom G7 for $35.
Best Buy's healthcare journey began in 2018 when it acquired GreatCall for $800 million. 2019 saw the acquisition of Critical Signal Technologies, a remote monitoring company. Last year, the company further expanded its footprint in the healthcare sector by acquiring an in-home care logistics platform.
Additionally, Best Buy has established partnerships with two major health systems this year to offer at-home condition management services, further solidifying its commitment to revolutionizing healthcare accessibility.
By offering affordable CGMs and leveraging strategic partnerships, Best Buy is not only facilitating better healthcare management but also transforming the way individuals interact with healthcare services. This venture marks a pivotal moment in the intersection of technology and healthcare, promising a brighter, more accessible future for those in need.