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 extended its previously issued non-binding letter of intent (LOI) to acquire ZipDoctor Inc. from American International Holdings Corp (AMIH). The parties have agreed to extend the LOI through February 24, 2023.
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 behavioral health counselors and therapists. ZipDoctor's online telemedicine platform will be available to customers across the United States and offers 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 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 remain enthusiastic about the proposed addition of ZipDoctor to Cosmos Heath's family of companies, and are continuing with the work to complete the process. 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."
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.