Already the third largest pharmacy in the U.S., Walmart’s (NYSE:WMT) efforts to open health clinics and acquire technology that will help patients manage their medical care make it a “sleeping giant to watch,” Morgan Stanley says.
“A multi-pronged approach makes a lot of sense, and recent steps are clear indications this is what Walmart is pursuing,” the Stanley analysts write, citing the company’s “huge customer base” and the “gigantic market opportunity to reduce inefficiencies” in the industry.
Stanley sees the health care opportunity as a potential “silver bullet” for the company over the longer term, especially as it prepares to launch the Walmart+ membership program this month.
“Walmart’s step into insurance likely has few major industry implications in the near to medium term, but this may change later,” the firm says.
The company recently posted job openings on its careers website that indicate it is looking to hire insurance agents in the Dallas area to sell Medicare insurance.