Briefing

Loblaw buys into telemedicine with $75-million Maple stake

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The retailer bought into Maple, a Toronto telemedicine provider, after its Shoppers Drug Mart chain partnered with the company to offer virtual consultations as COVID-19 spread throughout Canada. (The Logic)

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Talking point: An industry source told The Globe and Mail the retailer purchased 20 to 25 per cent of Maple, which has a staff of 70 and annualized revenue of about $25 million. Shoppers president Jeff Leger said telemedicine “really became a critically important way of accessing care” during the pandemic and believes “there is a meaningful change, a tipping point in terms of how health care is accessed in Canada.” Loblaw started investing in health care with the purchase of Shoppers in 2014, and more recently the $170-million purchase of electronic-medical-record firm QHR in 2016.