Amazon has appointed a board member with expertise in healthcare as it continues its push into the industry.
The tech giant named Brad Smith to its board Sept. 13. He has been a director for Humana since 2022.
The move is "indicative of the company taking another step towards advancing its healthcare-related efforts," DA Davidson analyst Tom Forte said in a note to clients reported Sept. 14 by MarketWatch. As Mr. Smith is also a former CEO of Intuit, his appointment at Amazon is "likely consistent with the company's view that it intends to exploit the healthcare opportunity through an emphasis on its acumen in technology."
Mr. Forte estimated that Amazon has a 10 percent chance of boosting its revenue growth by 1 percent through its healthcare endeavors, noting that its pharmacy efforts offer the most promise, the news outlet reported. Earlier this year, Amazon also purchased primary care provider One Medical for $3.9 billion and launched its Amazon Clinic telemedicine service nationwide.