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Cosmos Health Inc. ("the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, announced today that it has concluded its due diligence and is in the process of preparing the definitive documentation to complete the acquisition of ZipDoctor Inc. from American International Holdings Corp (AMIH).
ZipDoctor Inc., a wholly owned subsidiary of American International Holdings Corp. (AMIH), is a direct-to-consumer subscription-based telemedicine platform, that expects to provide its customers affordable, unlimited, 24/7 access to board certified physicians and licensed mental and behavioural health counsellors and therapists. ZipDoctor's online telemedicine platform will be available to customers across the United States and shall offer English and Spanish coverage with virtual visits taking place either via the phone or through a secured video chat platform. ZipDoctor customers will be able to subscribe through their website at www.ZipDoctor.co and are only required to pay a monthly fee, which is determined based on whether they are an individual, a couple, or a family.
Greg Siokas, Chief Executive Officer of Cosmos Health stated: "We are extremely pleased to welcome ZipDoctor to Cosmos Heath's family of companies. We would like to thank Jacob Cohen for his complete cooperation as we conducted our due diligence to be able to soon close this transaction. The telehealth industry is set for strong growth, and we believe that ZipDoctor, with the proper investment from Cosmos, can become a significant player in the space. Furthermore, we intend to expand on ZipDoctor's current primary care and mental health service offerings to include the ability to speak to a doctor to seek additional medical treatments related to and including men's and women's health and wellness issues, weight loss and other similar treatments."
Jacob Cohen, Director of American International Holdings Corp. stated: "We are excited to be transitioning from the due diligence process into the closing process of the transaction with the seasoned professionals at Cosmos. We are confident that Cosmos' experience in successfully developing and operating healthcare and wellness related businesses will serve as a powerful recipe for ZipDoctor's future success."
According to Nova One Advisor, the U.S. Telehealth market size was valued at $23.8 billion in 2021 and is expected to grow to $309.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 45.1% from 2022 to 2030. The shortage of healthcare specialists and primary care physicians in the U.S. is one of the major factors expected to accelerate the market growth in the U.S. according to the Association of American Medical Colleges (AAMC) estimation, there is an estimated shortage of both primary and specialty care physicians between 37,800 and 124,000 physicians by 2034. In 2021, the Centers for Medicare and Medicaid Services expanded reimbursable telehealth codes for the 2021 physician fee schedule.
