Amazon has announced that it will be purchasing San Fransisco-based healthcare provider company One Medical for $3.9 billion – one of its biggest purchases to date.
Meanwhile, Apple has released a new report outlining its various healthcare ventures and what it plans to do in the future.
These developments are part of a larger push towards healthcare by major technology companies, led by Google's parent company Alphabet.
In 2021 alone, Big Tech collectively spent over $3 billion on healthcare-related ventures and research, according to The Economist. These efforts could change who you turn to for healthcare in the coming years.
Amazon’s Latest Acquisition
Tech Giant Amazon has announced that it is set to acquire the American healthcare service One Medical. The all-cash deal is valued at $3.9 billion.
One Medical offers subscription-based healthcare services. It provides access to both virtual care as well as physical visits to medical clinics. The company has over 700,000 customers and 188 medical offices across the US.
One Medical's share price exploded during the COVID-19 pandemic, when online medical consultation became highly sought. Despite this, the company struggled to maintain its value.
As part of the purchase by Amazon, One Medical's shareholders will be paid $18 per share, a 75 percent premium over its most recent closing price.
This is Amazon's latest entry on a long list of healthcare ventures. In 2018, it acquired PillPack, a service that delivered medicines to customers. Two years later, Amazon started its own online pharmacy service, selling drugs at discounted prices.
Niel Lindsay, Senior Vice President of Amazon Health Services, said in a statement that healthcare is a field that needs reinvention.
"Together with One Medical's human-centered and technology-powered approach to health care, we believe we can and will help more people get better care, when and how they need it. We look forward to delivering on that long-term mission," he said.
For Apple, Healthcare Is the Future
Apple published a 60-page report on 20 July outlining its various efforts in healthcare tech features and research.
The company argues that it is a pioneer in the healthcare field and that it will be looking at healthcare as a key point of focus in future growth efforts.
In the report, Apple outlined its existing range of healthcare and fitness features, such as sleep monitoring and atrial fibrillation detection. It also listed out the features currently being developed which are planned for release in the future.
Many of these features will revolve around the Apple Watch. Features like women's health-related capabilities, blood pressure monitoring, and body temperature monitoring were some of the features mentioned, some of which could be launched as soon as this year.
The Apple Watch leads the market in the wearable technology category. The report claims that across the iPhone and Apple Watch, Apple offers features in 17 different healthcare categories, while the Health app can store over 150 types of healthcare data.
According to the report, one of Apple's key advantages is its dedication to scientific and medical research. The company has partnerships with several universities and medical institutions such as UCLA with which it conducts studies that can provide vital data for the development of new features.
“The health innovations we’ve pioneered have aimed to help break down barriers between users and their own everyday health data, between health-care providers and patients, and between researchers and study participants,” said Jeff Williams, Apple's COO, in a statement attached to the report.
(With inputs from The Economist)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)