As the global healthcare spending is forecasted to reach a staggering amount of 10 trillion US dollars it was about time that the Big Tech companies started to explore the healthcare industry. Also, changing consumer behaviour to favour fast healthcare services and virtual alternatives gave the Big 4 the opportunity to implement their digital platforms in healthcare. In this post, the big 4 and their healthcare initiatives to transform the market will be discussed.
One of Amazon’s biggest strengths is its logistic infrastructure and fast delivery, which is at the core of its entry strategy into healthcare. They are planning on incorporating medical supplies in their existing distribution and transforming the traditional medical supply chain. Also, they already made their first steps by launching the pilot Amazone Care, which offers primary and preventative care to their massive employee base.
Apple rather than starting their own healthcare platform is focussing more on establishing valuable partnerships with clinical researchers and health systems. Currently, they are using their devices to collect data from their consumers and are continuously adding health-related features to Apple Health. Apple wants to establish their Watch as a wearable clinical tool that in the end can be used to assist in research.
Alphabet (Google) is targeting the healthcare cloud market. They are using their data and knowledge of analytics to transform the way clinical research is done and solve operational challenges. Alphabet launched different artificial intelligence(AI) tools to assist healthcare providers in ordering their medical documentation. Also, Google Cloud invested 100 million US dollars in technology that combines AI and machine learning to automate the waiting room and aftercare processes.
Lastly, Azure (Microsoft) is also using their cloud services and data analytics to structure and manage healthcare data. They integrate all different formats of diagnoses, scans and medication into the Azure Healthcare API’s, so anyone who needs to access the documentation has a quick overview. By combining all of the documentation Azure also offers to export data for deep learning and AI frameworks to further develop research.
As explained, Big Tech already has made its way into the healthcare industry. The knowledge they have in data analytics and technology combined with the growing need for virtual healthcare, would suggest a smooth entry and concur a large market share from the incumbent. Nonetheless, they have a big disadvantage which will slow down their growth. The Big4 lacks the trust of the customers with their sensitive data. Data security should be prioritized by the big 4 for them to successfully enter the healthcare market.
Sources:
https://www.businessinsider.com/2-14-2021-big-tech-in-healthcare-report?international=true&r=US&IR=T
https://www.cbsnews.com/news/amazon-care-health-healthcare-employer-sponsored-health/
https://www.healthcareitnews.com/blog/healthcare-too-hard-big-tech-firmshttps://emag.medicalexpo.com/will-the-future-of-healthcare-be-in-the-hands-of-the-tech-giants/
