CVS Health (CVS.US) plans to spend $20 billion to improve consumer experience and healthcare interoperability

The Zhitong Finance App learned that according to reports, US drug retailer CVS Health (CVS.US) announced on Tuesday that it plans to invest 20 billion US dollars over the next 10 years to achieve interoperability in the medical industry through technology-driven consumer health experiences.

Tilak Mandadi (Tilak Mandadi), CVS Health's chief experience and technology officer, revealed that the move will not only affect the company's vertically integrated business units — including its pharmacies and Aetna (Aetna) health insurers, but will also extend to other operators across the industry.

Mandadi specifically stated that the plan will open the system interface to allow competitors and industry participants to access the CVS platform.

Mandadi said, “What can really change the healthcare industry are existing industry giants, companies that have scale, coverage, customer platforms, and user trust, and are also willing to disrupt themselves.”

This ongoing project is expected to bring structural changes to CVS's consumer health experience within five years. Despite privacy concerns and a lack of regulations to support CVS's vision, Mandadi believes consumers themselves are not the problem and believes patients will help drive this change.

Mandadi emphasized, “Consumers are willing to open data access to trusted brands as long as this significantly enhances their experience — this is already an industry consensus. So the user side is not a hindrance.”