Israeli generic pharma giant Teva Pharmaceuticals is investing “tens of millions” of dollars into telehealth company American Well to “expand its solutions beyond medication,” according to the CEO Erez Vigodman.
“Teva is committed to attaining a significant presence in the rapidly growing electronic medicine field, so that it can expand its solutions beyond medication,” Vigodman told Globes. “The investment in American Well is an important milestone in this policy.”
This isn’t Teva’s first foray into digital medicine: it has recently teamed with Royal Philips to build a med tech incubator in Israel, and it is also developing a smartphone-connected inhaler, among other things.
Related to that, Teva is by no means the only pharmaceutical company interested in telemedicine. Pfizer, for instance, piloted the digital tech in clinical trials, while Merck has recently opened several telehealth clinics in Africa to allow patients and healthcare workers who live in remote regions to consult with doctors in Nairobi.
American Well was launched nearly a decade ago in Boston by two Israeli brothers – Ido and Roy Schoenberg, both physicians. The company closed out an $81 million Series C this past December from a number of investors. It’s not clear whether Teva’s investment was part of this round or separate.