Technology has been a driving force behind improvements in healthcare this year. The evolution of AI technology is enabling quick and accurate diagnosis of a wide array of ailments including strokes, eye problems, heart diseases and cancer.
Moreover, rapid adoption of health monitoring devices and wearable fitness trackers is aiding doctors and care-givers in providing efficient patient management at a lower cost.
Given this upbeat scenario, tech giants including Alphabet GOOGL, Amazon AMZN, Apple AAPL, Microsoft MSFT and International Business Machines IBM are making every effort to reap maximum benefits from this industry.
Alphabet’s Aggressive Investment Plans
Alphabet is continuously taking up initiatives to bolster footprint in the healthcare industry.
The company’s life science division, Verily, reportedly intends to expand its Dayton-based OneFifteen addiction center, which was established earlier this year. The company employs a data-driven approach to treat patients with opioid use disorder at the center that offers both inpatient and outpatient services.
Verily is now looking to add another 5,000-square-foot to the outpatient clinic and invest $5 million in the project. Moreover, the company strives to expand the inpatient withdrawal management space in order to accommodate 12 patients, which in turn will take the accommodation capacity to 30 patients by next year.
Apart from the OneFifteen initiative, the company has also raised $1 billion in a funding in the beginning of this year, which has provided it plenty of resources to make strategic investments in healthcare projects.
Additionally, Verily is working with Walgreens Boots Alliance (WBA), Johnson & Johnson and Dexcom, among others, on different projects in order to advance the healthcare industry and increase efficiency.
Another arm of Alphabet called Calico focuses on anti-aging research. Both Verily and Calico are part of the company’s “Other Bets” segment. Notably, these projects are likely to witness strong growth in the near term backed by these initiatives.
Alphabet’s search division Google is investing heavily on AI to integrate the technology further into healthcare management. Google is applying AI for disease detection, new data infrastructure and potential insurance.
Alphabet currently carries a Zacks Rank #3 (Hold).
Year-to-Date Price Performance
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