While Teladoc has been pulling in a lot of press lately with its IPO news, competitor American Well has been busy too, securing an eight-figure investment from Israeli pharmaceutical giant Teva, according to a recent report in Israeli publication Globes.
According to Globes, the investment of "tens of millions of dollars" is part of a new push into digital health by Teva, which has also included the development of a cellular-connected smart inhaler, an app for reporting negative drug interactions, and a "digital support center for multiple sclerosis patients", as well as an incubator launched in Israel in collaboration with Phillips.
"Teva is committed to attaining a significant presence in the rapidly growing electronic medicine field, so that it can expand its solutions beyond medication," Teva CEO Erez Vigodman told the publication. "The investment in American Well is an important milestone in this policy."
American Well co-CEO Ido Schoenberg also told Globes that his company's plans for the future of its platform may include mail-order, home delivery of medications into the platform, an area where Teva's role as a major producer of generic medications for the US market could come into play.
It's unclear whether the Teva investment represents a new round of funding that hasn't yet been reported to the SEC or whether Teva was simply one of the undisclosed investors in American Well's $44 million round last December. Either way we know that investors in that round included representatives from other major healthcare stakeholders: health insurer Anthem was a strategic investor, as was Jefferson Health System, a provider group.
American Well offers its services both direct-to-consumer and through other organizations like payers, employers, universities, and providers. American Well’s offering lets patients set-up on demand, video-enabled visits with physicians via their computers or through an iPad, iPhone, or Android device.
Its offerings include a number of apps created with different partners: LiveHealth (which they created with WellPoint’s HMC), NowClinic (created in partnership with Optum), Online Care Anywhere (created for BCBSMN), and Telemed Tablet, a provider-facing tablet being rolled out at the Cleveland Clinic.