Shares of telemedicine and virtual healthcare company Teladoc (NYSE: TDOC) are sliding after Amazon (NASDAQ: AMZN) revealed it is rolling out its Amazon Care telehealth service for its employees in all 50 US states.
Teladoc shares opened up over 6% lower at $188.81 on Wednesday. They are currently trading at $185.96, down 6.44%. Amazon shares have gained 0.46% so far today.
Amazon will roll out the service this summer and has plans to expand it to other employers later in the year.
The Amazon Care program was trialled in 2019 for staff at its Seattle headquarters. It allows employees to video-chat with healthcare professionals for diagnoses and referrals.
The online marketplace has begun expanding into the healthcare industry after launching an online pharmacy in 2020.
The rising healthcare competition has seen Teladoc’s share price slide. Deutsche Bank lowered its price target to $226 from $263 in reaction to the news.
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