As well as operating the API pharmacy wholesale business and Priceline pharmacies, the company has already started to invest in digital healthcare.

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Last August, Wesfarmers took a 60 per cent stake in SiSU, a digital health business that makes health check stations for chemists where users can measure health information such as their blood pressure and diabetes risk.

“SISU is a unique asset with a valuable population health dataset and provides us with a differentiated foothold in digital health,” Amos said.

Wesfarmers is not the only retailer interested in upping its investment in the sector. Fellow ASX-listed retailer Woolworths also made a bid for API in 2021, but ultimately withdrew from the race, leaving Wesfarmers to seal the purchase.

Woolworths did not lose focus on healthcare, however, and has been expanding its HealthyLife platform over the past year, including launching into telehealth earlier this year.

The growing interest of the retail giants in the medical and pharmacy space has attracted fierce criticism over the past few years.

Woolies’ move into telehealth sparked warnings from GP groups, who warned digital health services can compromise patient care.

Meanwhile, the Pharmacy Guild of Australia has waged a lengthy campaign to keep the major supermarkets at arms-length from the pharmacy sector.

But as Wesfarmers told shareholders this week, the company wants exposure to a broader range of health and wellness services.

“We are pursuing growth opportunities across digital health, medical aesthetics and organic pharmacy growth to deliver long-term profitable growth,” Amos said.

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