Walgreens Boots Alliance has joined hands with Alphabet’s life sciences unit Verily to improve the outcomes for individuals suffering from chronic conditions.
The collaboration would boost the access to Verily’s technology as they will be displayed at Walgreens’ pharmacies. Together the companies will mainly focus at the medication adherence, which has been costing the U.S. health care system between $100 billion to $289 billion per year. The rapidly growing number of hospitalizations mainly due to the patients who become ill after not taking the prescribed medication, is adding to the costs.
Stefano Pessina, the CEO of Walgreens said that the company is dedicatedly putting in efforts to find cost effective solutions for patients, and that’s in fact why the company has collaborated with Verily.
Pessina mentioned in a statement that the steady rise in chronic diseases can be quite expensive for both the patients and healthcare system, today. Pessina added that by collaborating with Verily, they will try finding ways and solutions, using which they can best support integrated and value-based care to meet the growing needs of their patients. They will also work on opportunities to tackle other chronic conditions over time.
Andrew Conrad, the CEO of Verily, said that by collaborating with Walgreens, the health tech company has got a chance to handle together the real-world problems that have been badly affecting communities and the health of individuals, over time.
Previously, both top-notch competitors Walgreens and CVS Health have talked about cutting the health-care related expenses for consumers as their key objective. CVS Health chased its goal well by acquiring insurer Aetna, whereas, Walgreens is transforming itself via a set of partnerships with companies, including diagnostics company LabCorp, and insurer Humana.
Furthermore, it’s an indication from Alphabet, the parent company of Verily, about its intention to expand and grow in the health-care space.
Recently in November, Alphabet’s Google hired hospital executive David Feinberg to take care of its latest health division, which aims to incorporate its medical AI research into clinical practice. Feinberg won’t be heading Verily, but both the groups are closely aligned. The Walgreens partnership is the unit’s first known collaboration in the pharmacy sector.