ACL (March 4, 2022) mentions that “In the United States in 2019, there were 54.1 million people age 65 and older (up from 39.6 million in 2009). The population is projected to reach 80.8 million by 2040.
And 94.7 million older Americans are one of the fastest-growing demographics in the country. Health care will continue to be a number one priority in the United States and worldwide. It is by no surprise that some of the Industry’s most prominent tech giants are investing heavily in healthcare.
For example, Xiang (August 9, 2022) reports that “TikTok’s Chinese owner, ByteDance Ltd., has acquired one of China’s largest private hospital chains Amcare Healthcare for roughly $1.5 billion.” This significant move is ByteDance Ltd’s first sudden entryway into the healthcare industry. With the acquisition of Amcare, ByteDance will continue to disrupt the traditional healthcare industry along with Amazon and Apple. Moreover, a pattern of tech companies making similar investments in healthcare will change the trajectory of health worldwide.
Amazon made a significant power move by purchasing One Medical, a tech-focused primary care provider, for $3.9 billion this past July 2022. Amazon’s stance on healthcare is that the time is now for disruption. Tech giant Apple also published a report outlining its health features and partnerships with medical institutions. All three companies believe that their investments are crucial to their futures.
One Medical has a very appealing value proposition for its patient-centered approach. Strachan (July 21, 2022) reports, “One Medical’s primary appeal is that, for a $199 annual fee, it gives customers relatively easy access to a primary care physician.” For One Medical client who can afford to pay a fee on top of already expensive medical bills, referrals, blood tests, vaccinations, and other essential health care services can be easier to obtain. Strachan (July 21, 2022) also cites Dan Rubin, One Medical’s CEO. He says that “the opportunity to take advantage of Amazon’s “customer obsession was an exciting opportunity.”
The Apple company is going full throttle with its sleep monitoring and fitness classes to atrial-fibrillation detection. The company’s commitment to research and development for glucose and blood pressure monitoring will continue to innovate in “science-based technology. Health technology is one category that will evolve rapidly in the next five years. Stay tuned! The Narrative Matters!
ACL (March 4, 2022). Projected Future Growth of Older Population. Projected Future Growth of Older Population | ACL Administration for Community Living
Bloomberg News (August 9, 2022). ByteDance Pays $1.5 Billion for China Hospital Chain in Health Foray. TikTok Owner ByteDance Pays $1.5 B for China Hospital Chain in Health Foray – Bloomberg
Gurman, M. (July 20, 2022). Apple Argues It’s Now a Major Force in the Health-Care World. Apple (AAPL) Argues It’s Now a Major Force in the Health-Care World – Bloomberg
Strachan, M. (July 21, 2022). Amazon Just Bought Your One Medical Doctor. Amazon Just Bought Your One Medical Doctor (vice.com)
Xiang, C. (August 9, 2022).TikTok’s Parent Company Bought a Bunch of Hospitals for $1.5B. TikTok’s Parent Company Bought a Bunch of Hospitals for $1.5B (vice.com)